Financial services company cuts 400 jobs

Bill, a Silicon Valley company specializing in financial automation software for small and midsize businesses, has revealed plans to reduce its global workforce by 15%, affecting around 400 employees.

René Lacerte, Bill's founder and CEO, informed staff of the yearend corporate restructuring in a memo Tuesday that stressed the necessity of achieving improved profitability without relying on a floating investment rate.

“Unfortunately, this reduction is necessary to rightsize our organization and to focus our resources on the highest priorities for the company and our customers,” he wrote.

Alongside the layoffs, Bill will shutter its Sydney office to concentrate resources on its San Jose headquarters and Houston office.

The memo did not specify the impacted divisions, but affected employees will receive four months' pay, health care benefits and other transitional support.

According to Bill's firstquarter performance report for 2024, released earlier in the month, the company achieved a 33% yearover-year increase in total revenue, reaching $305 million. The report highlighted serving over 471,000 businesses and processing $70 billion in total payment volume in the first quarter, an 8% increase from the same period last year.

John Rettig, recently promoted to Bill's president, said the company achieved strong financial results despite a challenging macro environment.

“We are carefully navigating the current environment while continuing to invest behind the longterm opportunity to serve millions” of small and midsize businesses, he said in a statement.