Personal finance management startup Nerdwallet laid off 53 people yesterday, after failure to meet its profitability goals.

The 53 people represent about 11% of Nerdwallet’s workforce, according to a report by TechCrunch, and is the first step of a restructuring effort by the company. That effort will fold Nerdwallet’s sales and partnership teams into its multiple product teams, the company told TechCrunch.

Nerdwallet CEO Tim Chen said in an emailed statement to his staff:

This was an incredibly difficult decision and not one we made lightly. Two factors drove this decision — we’re not hitting our profitability goals, and there are areas within our organization that aren’t running as efficiently as they should be.

So far, the startup has raised $69 million in funding, with its most recent round taking place in 2015.

Read more at TechCrunch and PYMNTs.