Old City-based insurance startup BenefitVaultlaid off the majority of its staff in May, according to three former employees who requested anonymity.

Founded in 2013 under the premise of becoming the PayPal of the insurance business, the company — which had received $3.8 million in venture capital as of June 2015 — reportedly employed 30 before the cuts.

BenefitVault president Ryan Toner and CEO Cary Toner did not respond to multiple requests for comment. Calls also made to the offices of The Toner Group went unanswered.

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