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Mortgage Startup Tomo Cuts Staff by One-Third

Tomo, a startup that aimed to become a “Paypal for the mortgage industry,” has laid off 44 people, representing almost one-third of its headcount. So reports The Real Deal.

Tomo2Co-founded by former Zillow Group executives Greg Schwartz and Carey Armstrong, Tomo raised $40 million in Series A funding in March.

Venture capital firms have been urging their portfolio companies, such as Stamford, Conn.-based Tomo, to lower their expenses amid recent market turbulence.

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