LeapRate Exclusive… LeapRate has learned that trading platform and technologies provider Leverate is undergoing a series of internal changes, including a number of layoffs and reassignment of employees to different roles and departments.
The changes are apparently happening as the company has had some difficulty with its start-a-forex-brokerage campaign, an area which has become increasingly competitive between both independent platform providers such as Leverate, and platform-agnostic service providers which can help fledgling startup brokers do everything from ‘getting regulated’, to choosing and implementing a platform (or several platforms), to arranging client payment methods, and other tasks required to begin operating a forex brokerage.
Leverate is in process of refocusing more on products, and as such is letting some employees go, and as mentioned above reassigning others to new roles in the company.
There have been some unfounded rumors circulating about large-scale layoffs at Leverate recently. We believe these rumors to be untrue, but there have been indeed a number of pink-slips handed out at the company in the past few weeks, and probably a few more coming. In total, in the neighborhood of 10-20 layoffs.
Leverate saw a total changeover in senior management about a year ago, with co-founder Ran Strauss stepping down from his active CEO role. A new team led by a number of gaming industry veterans took over the management reigns at Leverate, led by new CEO Kobi Gur and head of marketing Nicc Lewis.
Leverate management provided the following statement to LeapRate on the matter:
The Retail FX market has seen drastic changes in the past two years and it continues to dramatically evolve. As an innovative technology provider, we need to constantly advance with it and adapt our offerings in order to serve the market better. A few months ago we began a process of impactful change, which included the introduction of SIRIXActive, and we are continuously enhancing our product line in order to better answer the needs of brokers. As part of the refocus, some restructuring of our operations was needed, and we have shifted several of our employees to different departments and unfortunately have had to let a handful of them go. It is never easy to release employees and we have done our best to go through the process in the most transparent way possible, while at the same time, respecting the privacy of each individual and of the company.