Indian-origin entrepreneur fires 40% staffers of his fintech start-up

San Francisco-based fintech start-up Synapse, led by Indian-origin CEO Sankaet Pathak and backed by global venture capital firm Andreessen Horowitz (a16z), has laid off 86 employees, which is nearly 40% of its workforce. This comes after a previous round of layoffs in June when the company cut its staff by 18%. Pathak explained that the layoffs were necessary to restructure the team in areas that were overstaffed for unrealized growth or had become redundant.