In 2024, Berlin-based Neobank finally wants to be in the black. To achieve this ambitious goal, costs must be reduced. Therefore, the fintech company of Austrian founders Maximilian Tayenthal and Valentin Stalf announced today that about 70 employees would have to leave, corresponding to about 4% of the workforce.
At the trading app nextmarkets, the sellout starts, followed by liquidation. Still, in 2021, the FinTech raised €30 million and had big plans. Investor FinLab refers to the "weakness in the financing market" concerning the planned end of nextmarkets.
At the beginning of January, the Hamburg-based fintech Ruuky filed for insolvency. At the last minute, a buyer for the startup has been found. A press release said that a strategic investor wants to continue and expand the fintech, which has developed a banking app for young people.
The economic crisis is hitting the fintech scene particularly hard and it's not stopping at Hamburg-based startup Tomorrow. The green bank has decided to make drastic staff cuts and terminated a quarter of its workforce on its way to profitability.
In the FTX crash, the crypto market has been in a state of shock. Celebrities such as the U.S. football star Tom Brady are among those affected. Slowly, the full extent of the FTX crash is becoming visible. Sam Bankman-Fried's crypto exchange had signed big-name investors and promotional deals, including Brady and his ex-wife, the Victoria-Secret model Gisele Bündchen, and NBA legend Stephen Curry. Not just promote faces, but also capital providers such as BlackRock and Kraken are among the losers of the FTX crisis.