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Clearco Cut 25% of Staff in 2022, Then Pulled Back Internationally

Clearco’s July 2022 announcement cut 125 jobs—25% of its workforce—and opened a review of international operations. By August, it had announced further cuts and a North American refocus.
From TheFinanceBase Team3 min to read
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Clearco announced on July 29, 2022, that it was laying off 125 employees—25% of its 500-person workforce—and reviewing strategic options for its international operations. The review’s outcome came a month later: the company withdrew from several markets, cut about 60 more international-team jobs and said it would refocus on the United States and Canada.

What Clearco announced on July 29, 2022

Clearco, then described as a Toronto-based fintech capital provider for online businesses, said it was reducing its workforce by 125 people. The Canadian Press reported that the cuts represented 25% of a 500-person team; TechCrunch also reported 125 layoffs, or one quarter of staff. TechCrunch reported the July announcement, and The Canadian Press reported the workforce figure.

In a staff memo quoted by TechCrunch, co-founders Michele Romanow and Andrew D’Souza accepted responsibility for the hiring pace: “We grew our headcount too quickly in anticipation of continued economic growth and that decision rests on us alone.” They described the layoffs as the prudent response to market uncertainty.

The founders also cited rising interest rates, inflation, swings in European currencies, slower ecommerce growth and persistent supply-chain problems. These were the company’s stated reasons, not an independent finding that any one factor caused the layoffs.

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Support Clearco said it would provide

The July report said affected employees were offered severance pay, two years to exercise their equity, extended health coverage and help with job transitions from company leadership. Clearco did not identify which teams were affected or say whether C-suite executives were included.

What “strategic options” meant for international operations

At the time of the July announcement, Clearco said it was considering strategic options for its international business but had not specified what those options would mean for employees or customers. The company had expanded into the U.K., the Netherlands and other European Union markets through 2021, and entered Germany in June 2022, according to TechCrunch.

On August 30, 2022, TechCrunch reported the announced outcome: Clearco was pulling back from the U.K., Germany, Ireland and Australia, with approximately 60 additional international-team layoffs. Clearco said it would refer international clients in Australia, the U.K., Germany and the Netherlands to Outfund under a referral agreement. TechCrunch reported that Clearco would earn money through the arrangement. The reporting describes the deal as it stood in 2022; it does not establish whether the referral arrangement remains active. TechCrunch covered the international pullback.

July announcement and August outcome

Area July 29, 2022 announcement August 30, 2022 update
Workforce 125 employees, or 25% of a 500-person team, according to The Canadian Press. Approximately 60 more international-team layoffs, according to TechCrunch’s report of the company’s announcement.
Markets Clearco was reviewing international operations; it had not announced a specific outcome. Clearco said it was withdrawing its presence in the U.K., Germany, Ireland and Australia.
International clients No plan for clients was specified in the July reporting. Clearco said clients in Australia, the U.K., Germany and the Netherlands could be referred to Outfund.
Geographic focus Not yet stated as a final decision. Clearco said it was refocusing on the U.S. and Canada, which it said represented 80% of its activity at that time.

The August 2022 TechCrunch report also attributed historical investment figures to Clearco: more than $3.2 billion invested globally, including $429 million—or 13%—outside the U.S. and Canada. These are figures reported for that period, not current totals.

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What happened after the 2022 cuts

In January 2023, TechCrunch reported that Romanow had stepped down as CEO and Andrew Curtis had taken over. The same report put Clearco’s workforce at 140 employees, down from 500 the previous year. That is a dated snapshot, not a current headcount. TechCrunch reported the leadership change and headcount.

Clearco later continued to announce funding activity. Its August 18, 2026 announcement described a $100 million asset-backed financing facility from Macquarie Group. Clearco said the facility could support qualifying ecommerce brands with up to $10 million in funding, with estimated terms of four to twelve months, and projected that it could support approximately $900 million in funding over the following two years. The $900 million figure is Clearco’s projection, not a reported result or a guaranteed amount. Clearco’s announcement gives the facility details.

Clearco’s September 2025 announcement listed Cash Advance, Rolling Funding, Invoice Funding and Fixed Funding Capacity. The existence of later financing announcements does not change what the company announced about layoffs and international operations in 2022. Clearco’s press page lists company announcements.

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