Michele Romanow

New CEO of troubled Canadian e-commerce financier is U.S. finance veteran Andrew Curtis.

Clearco encountered a tough economy in Europe last year, leading to a pullout from international markets soon after its expansion. “You have a fundamentally strong business with attractive prospects, but which is going through some growing pains and facing a different macroeconomic environment than we’ve all been used to.” The situation is “dislocating and disruptive” but presents “extraordinary opportunities.” In return, it got a daily cut of its client revenues until the advance plus added fees were repaid. “I have been in plenty of situations like the one Clearco faces,” Mr. Prospective customers didn’t have to provide personal guarantees, give up equity or submit to credit checks, but did have to give access to their business accounts to Clearco, which assessed their economics and made automated financing offers. “We grew in too many markets, we were trying to build too many products.” Clearco’s job cuts this week affect all areas and levels and bring Clearco’s ranks to 140 people, from 500 last July. Both were among the earlier companies last year to enact deep job cuts after tech valuations crashed and interest rates rose: Vancouver’s Thinkific cut 100 jobs, or 20 per cent of staff in March. Curtis worked on mergers and acquisitions with Merrill Lynch & Co and Lazard Frères, then served as a portfolio manager with hedge fund Sandelman and was head of credit with private equity firm Z Capital Group. “We 100 per cent got the right person.” Boards “told every entrepreneur to cut once and cut deep. “I don’t think we’re fully done yet,” he said in an interview. Now, the two have cut deeply again – putting them at the vanguard of tech companies enacting a second sweeping reduction.