Tallinn-based identity verification company Veriff filed a collective redundancy notice with the Unemployment Insurance Fund on 22 August, citing the difficult global market situation. The company is laying off another 55 people, mainly from its Tallinn team.
- According to the Unemployment Insurance Fund, the company plans to make 55 jobs redundant, mainly in Tallinn, with some job losses in Tartu.
- In addition to the employees made redundant in Estonia, Veriff will lay off 46 people abroad. In total, Veriff is cutting its workforce numbers by 1/5.
- This is the second time the company undergoes major layoffs. In February 2023, Veriff cut its team by 12%, or 66 people, across teams around the world. At the time, the company retained just over 500 employees. And before the redundancy notice, a total of 330 people worked at Veriff.
“Veriff’s fixed cost base increased in both 2022 and 2023 due to overly vigorous hiring, whereas the general economic environment has cooled and clients are more cautious about investing,”
Veriff’s officials cited the reason for layoffs.
The news comes just over a year and a half after the company managed to secure $100 million in a Series C funding round. Back then, the company became Estonia’s sixth unicorn, valuing at about $1.5 billion.
