Citing "challenging market conditions," London-based open banking startup TrueLayer has announced it will lay off 10% of its workforce. According to LinkedIn, TrueLayer has 443 employees, meaning about 45 workers will be affected.

The company informed its staff of the news in an all-hands meeting on Thursday before announcing it to the public in a blog post on Friday.

TrueLayer is a business designed to bridge the gap between fiat currencies and crypto by providing infrastructure to firms like Revolut, which offers banking services, and MoonPay, a platform that allows users to buy and sell cryptocurrencies.

Last September, TrueLayer raised $130 million in a funding round led by Tiger Global and Stripe at a valuation of over $1 billion.

"You may understandably ask what has changed in the past 12 months," TrueLayer CEO Francesco Simoneschi said in the blog post. "We are now operating in a very different context and more challenging market conditions. TrueLayer, while being in a position of strength, is not immune to these broader factors."

The layoffs continue a trend across the crypto industry during this prolonged bear market, with TrueLayer joining NFT (non-fungible token) marketplace OpenSea, exchanges Coinbase, Blockchain.com and Gemini and many others in making sizable staffing cuts.