Crisis Mode

Fidor Bank Will Be Liquidated!

Based on exclusive information from Finanz-Szene, Fidor Bank is to be liquidated by mid-2024. Six years after the takeover, the major French bank BPCE, which...

The Many Losers Of The FTX Collapse And Its Devastating Consequences!

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.

Binance cancels FTX takeover

The takeover of struggling crypto exchange FTX.com by rival Binance (PR42 profile) has fallen through. "We have decided not to pursue the potential acquisition," Binance...

Tech Winter: Facebook Parent Meta Lays Off 11,000 Employees

Facebook's Meta Group is laying off more than 11,000 employees in the largest job cuts in its history. That is about 13 percent of...

German Credit Broker Smava Dismisses Again About A Hundred Co-Workers!

In just a few weeks, Berlin-based fintech Smava is laying off employees for the second time. Berlin-based fintech Smava has once again turned to the red pen and, this time, laid off around 15% of its workforce, as Gründerszene learned from an insider. In purely arithmetical terms, that would be more than 100 people.

U.S. FinTech Company Stripe Is Laying Off 14% Of Its Workforce!

U.S. fintech giant Stripe has announced it is laying off 14% of its workforce in what it calls the "most severe change" for the company. The move would mean that about 1,120 of the fintech company's 8,000 employees will be laid off. Stripe CEO Patrick Collison announced Thursday in a memo, saying the layoffs became necessary so the company could cut costs.   

Crypto Winter And The End Of A German Crypto Hope!

Nuri is the first German fintech to feel the full force of the crypto crash. No buyers could be found for the insolvent bank, and the company is ceasing operations. That's what its 200,000 customers now face.

BaFin-Licensed FinTech Moss Lays Off 70 Employees And Implements Hiring Freeze!

Corporate credit card provider and licensed e-Money Institution Moss is laying off about 70 employees, representing 15% of its workforce. Founder Ante Spittler confirmed this when asked, saying the employees would be offered severance compensation that "deliberately exceeds the legal minimum."

Zurich FinTech Crealogix Burned Half Of Its Cash!

Crealogix is almost systemically crucial for the financial centre. From Aargauische Kantonalbank to Cler, Credit Suisse and Julius Bär to Raiffeisen and ZKB, all have ebanking solutions from the Zurich-based company. Now they may be worried about the company's financial situation. As of June 30, revenues are down 15%, with a loss of 13 million francs. The cash position halved to 14 million franc.

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