Summit, the fintech firm previously known as Spenmo, has laid off 24 employees out of its 64-person team across Singapore, Indonesia and India.
The job cuts, which impacted staff across all departments, were first reported by Tech in Asia and confirmed by a retrenched employee.
Staff were notified of the layoffs through an internal email sent on Wednesday.
In the message, Summit’s executive team explained that the decision followed a reassessment of the company’s business direction and the need to streamline operations.
Summit CEO and Chief Product Officer Jo-Ann Chung said in a statement to Tech in Asia that the firm’s structure needed to evolve in response to changing market conditions and customer needs.
However, she did not confirm the number of affected employees.
The company, which provides tools for expense and invoice management, underwent a rebrand in July 2024 following the departure of then-CEO Justin Choi.
Choi had taken over from co-founder Mohandass Kalaichelvan but stepped down after just one month.
Around the same time, Summit exited the Philippine market, faced internal allegations of financial misconduct in Indonesia, and laid off between 60 to 70 employees.
In an earlier interview with Tech in Asia, Chung said Summit was intended to serve a different segment than Spenmo.
While Spenmo focused on bill payments and corporate cards, Summit was positioned as a platform for accounts payable automation.
However, the company’s internal communication acknowledged that its initial plan to repurpose Spenmo’s core features for quick growth did not align with the specific demands of its new market.
Going forward, Summit will consolidate its efforts around its current brand and offering.
The company reportedly remains confident in the growth potential of accounts payable automation on a global scale.
Employees affected by the retrenchment will receive a severance package that includes four months of insurance coverage and job placement support.
Those on work visas will also be provided with relocation assistance.
Featured image: Edited by Fintech News Singapore, based on image by Summit
