The Boston based notarization company, Notarize has declared that it has let go of 110 employees that is almost 25% of the company’s total headcount.
This well-known electronic notary firm has 440 workforce count before the staff deduction procedure.
The Notarize company was established in 2015 with the aim of simplifying the notary works through the online methods. It digitally allows everyone to legally notarize the documents.
Pat Kinsel who was the owner of mobile data collection firm, Spindle, has setted up this company after selling his previous Spindle firm to twitter in 2013.
The Upsurge of Notarize Company During the Pandemic Era
The demand of online notarize services has gained a meteoric growth during the Covid-19’s pandemic era. As the people were confined to their homes, an online notary service was just a bounty for them, especially at the time of purchasing or refining homes, people are considering that that time’s mortgage rates were just close to the historic lows.
An online, 24*7 available notary systems, that can be done on your mobile, PC or tablet, were just dead engaging for many. It has relieved many people during the lockdown stages as one can do the notarization work from anywhere, any time.
In 2021, Notarize has secured $130 million in a series D round of funding that was led by Canapi Ventures, a fintech focused VC firm. This round was done after experiencing a 600% growth revenue, year over year.
It had valued the company at $760 million.
In 2020, the company did a series C which was done at the valuation of $35 million.
This can clearly show that in 2021, the valuation of the company has skyrocketed to almost three times.
The Downfall Stage and Staff Reduction Taken as the Solution
As we all know, time flies like an arrow, the pandemic isolation is also ended now and things have taken another turn where the mortgage interest rates now began to gush to nearly 6% for a 30 year loan as the housing market has slowed down noticeably.
This has led the company to take the step of signing off the staff from the company, for the securing the future of the firm.
In 2019, the same step was taken by the Notarize company, when it encountered the critical financing fall through. They similarly laid off the staff at that time also.
So this is not the first time it was happening in the Notarize company.
Notarize company, specialized in giving the notary services online, anytime, anywhere, whether on your smartphone, laptop or tablet. In a recent statement the company has announced that it has signed off its 25% of staff during the challenging fundraising environment. During the pandemic, the company has noticed an alleviating growth but after the lockdown, the downfall has caused the company to take this step.
Ans. To overcome the fundraising challenges.
Ans. Before reduction, there were a total of 440 employees in the Notarize company.
Ans. Almost 110 employees.
Ans. Pat Kinsel established the company in 2015.
Ans. In Boston, Massachusetts, United States.