Addepar, the wealth management software provider launched by Palantir Technologies co-founder Joe Lonsdale, is the latest fintech to undergo job cuts.
Fortune has learned that Addepar laid off 20 employees or some 3% of its workforce in December, according to one person familiar with the situation. A second person estimated the cuts were at least 5% when Addepar’s non-core businesses were included. Addepar has seen some senior executives depart recently including David Obrand, president, and Alastair Cairns, who was head of marketplace, a unit it launched in June 2020. The departures of Obrand, a former partner of Valor Equity Partners, and Cairns, who spent more than nine years at Credit Suisse, were not related to the Addepar job cuts, the first person said.
