Syfe loses senior leaders in Australia team

THE senior leadership of wealth management platform Syfe’s Australia team have parted ways with the company, according to sources familiar with the matter.

The fintech launched its Australian operations in August 2022 with a team of five, including general manager Tim Wallace and head of marketing Christine Alfonse. The Business Times (BT) understands that the two are serving their notice period. 

When reached for comment, Wallace said that he had resigned to take up other opportunities.

“Syfe remains committed to our partners and customers in Australia, and I’m working with the broader team on hiring a replacement who will run the business going forward,” he said.

The company confirmed on Wednesday (Aug 30) that two of the senior employees in Australia had resigned to pursue other opportunities, and said that it has an excellent relationship with them. Both of them will continue to be involved in Syfe for most of the year as a replacement is sought. 

Chief business officer Samantha Horton will continue to lead the Australian market. That market has had its best month in August in terms of trading activity and customers, according to Syfe. The fintech declined to disclose how many users it has in Australia.

“We not only remain committed to stay, but also to grow the Australian market, as the opportunity ahead of us is extremely attractive,” said the company in response to queries from BT. 

The changes in Syfe’s Australian leadership come in the wake of staff movements elsewhere in the group, sources told BT. 

Former employees whom BT spoke to voiced unhappiness over what they saw as a lack of transparency over recent job cuts. Data from professional networking platform LinkedIn shows headcount dropping 26 per cent since August 2022.

Sources familiar with the situation said the company started losing people in Singapore and Hong Kong in June 2022, and again in February 2023. At its peak, Syfe had about 200 employees in Singapore, Hong Kong and Australia, with the majority situated in Singapore. 

Management had earlier attributed the movements to resignations and staff cuts after poor performance reviews, but eventually admitted that there had been layoffs, the sources said. 

When asked if it had implemented layoffs, Syfe said: “Like almost all companies in the tech space, we underwent an exercise to streamline the business. We also did this ahead of time, and mitigated large-scale layoffs. 

“For example, four people were let go in Singapore in February 2023. This was a one-off for the business. We are in fact currently filling 10 open positions as seen on our website and are committed to making intentional hires to drive Syfe’s next phase of growth.”

For those affected by the cuts, the fintech said that it offered a month’s additional salary on top of the regular notice period, fast-tracked vesting of first-year employee stock options, and extended medical insurance and support to find their next role.

Syfe said it runs performance reviews twice a year. In cases of mismatch in performance and expectations, actions such as performance improvement plans have been taken, while some staff have left the company. 

“Like many startups, we prioritised growth back then, and have since adjusted our business for greater efficiency and adaptability to the rapidly evolving macroeconomic climate.”

Revenue growth has doubled, according to Syfe, and costs have been cut by more than half. The startup claims it is on track to be profitable in Singapore by next year. It currently operates in the Republic, Australia and Hong Kong.