11:FS business update
As many of you will know, I try to be as transparent as possible about our business successes, our challenges, as well as our big decisions.
In the past few weeks we’ve had to make some tough decisions so all I can do is continue to be as transparent as I can and explain how and why we got here.
Our industry, like many others, has slowed down on growth and spending coming into 2023 as it tackles this year with an increased level of caution.
We continue to do some of the most interesting and fulfilling work we’ve ever done at 11:FS to help move the industry forward and truly improve people’s relationships with money. We are so deeply embedded into this industry that we can really help drive change, but what that means is that if the industry or our key clients become more cautious or slow down then we’re directly impacted also.
There’s never a scenario where we want to lose talented people in the company but sadly this past week we’ve had to make the difficult decision to remove some roles from our Ventures, Foundry, Growth and back office teams, in order to rightsize and protect our core business for future growth.
We don’t make these decisions lightly - on the contrary we’re a people business through and through and our mission is and will always be to find great people and help them do the best work they can - but we’re doing what we believe is needed right now to futureproof the business, and at this point in time prudence is practical.
I continue to believe that financial services is only 1% finished, and the work we are currently doing and what’s on our roadmap has the potential to change people’s lives for the better all over the world.
But this aside, my focus right now is making sure that the Elevens we’re saying goodbye to get all the support we can provide and help them do more great things. I want to thank them for the work they have all done, these are talented humans that I know will go on to do great things in the future.