Leverate has just optimized its resources amid an increasingly competitive market, the company has confirmed to Finance Magnates. The firm has laid off some staff in a restructuring effort and according to the company’s statement issued on the matter, the actions are related to a refocusing of the company.
The firm has let go of at least ten employees in Israel and outlined that the competition and the rapid evolution of the retail FX space in recent years requires quick adaptation to a shifting landscape.
The Vice President and Chief Marketing Officer of the company Nicc Lewis commented in a public statement: “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.”
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“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,” he elaborated.
Last year the company focused its efforts on a new product line called SIRIXActive, which has been focusing on increasing conversion rates and cutting the marketing costs that brokers incur. With the platform aiming at encouraging higher retention rates and building longer lifetimes for customers, with more deposits for larger amounts, the firm has taken a new approach towards the market.
“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,” Lewis explained.