Today at Stash we took a step forward into our future and made the critical decision to say goodbye to 8% of our fellow Stashers. While it is always difficult to part ways with trusted colleagues, we made this decision because our growth opportunities remain strong and we have to optimize for them. After carefully watching market conditions and listening to our team’s feedback, we determined that this is the right choice to evolve our business and serve our millions of customers.
As the founding leadership team, we have watched our small start-up mature into a 400-person hybrid organization with a differentiated product and tremendous market fit. We have continued to make deep investments into our platform that allow us to innovate quickly and create tools and services that our 2M+ paying subscribers love.
But we also have inefficiencies that we take ownership of and need to remedy in service of creating the generational business that is within our sights. Earlier this year, we responded to changing market conditions by tightening marketing and brand spend, a shift that brought us much closer to profitability. We learned that eliminating silos and streamlining teams drives new levels of clarity and focus, which we need to scale. That is the context for these decisions.
It is unfortunate that today brings departures as we say goodbye to colleagues and friends, and we are here to support them. These talented individuals dedicated their time and energy to Stash and helped advance our mission. They, like those who continue at Stash and whom we are so proud to work with, have built a strong business that is resilient in these unpredictable circumstances. Any company that welcomes former Stashers will benefit from smart, true-hearted people ready to bring change into our world.
We now turn the page to the next chapter of our journey. Stash faces a new reality as we enter 2023. We see the looming recession and feel a new sense of urgency to meet the needs of our customers, who need Stash now more than ever. In this moment, our product has never been more relevant.
Today we see the opportunity ahead, and we are poised and ready for Stash to fundamentally change how everyday Americans save and invest for their future.
Brandon Krieg, Stash co-founder and CEO
Ed Robinson, Stash co-founder and President