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Fin-tech startup SigFig loses key staff - and one chart tells the story

1 month ago by Jon Marino in Consumer

San Francisco-based wealth management fin-tech startup SigFig ($SIGFIG) just lost its director of quality assurance, Tung-Huy La, according to a Business Insider report, the latest signal in ongoing attrition that has claimed several senior leaders at the company. 

And, it's showing up in the data as well. SigFig's LinkedIn ($NASDAQ:MSFT) Employee Headcount has steadily declined since its May peak, losing more than 17% since January of last year. In late 2019, Business Insider reported SigFig would lay off staff - which is likely what's reflected in its chart, above.

The startup has packed on more than $100 million in funding from big-name backers like General Atlantic, Bain Capital Ventures and Union Square Ventures, as well as bank UBS. Founded in 2007, SigFig's investing platform differs from some of the big consumer-focused platforms like Betterment or Wealthfront, in that it partners with banks like Wells Fargo to provide its services through major Wall Street Firms.

Still, SigFig announced in 2019 plans to push further into the consumer investing space, pitting it against other well-funded startups with a national branding presence. 

About the Data: 

Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales. 

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Jon Marino

Jon Marino is Thinknum's finance editor, covering the impacts of alternative data on public companies and investors. Prior to joining Thinknum, Jon worked in the ...

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