Category: Crisis Mode
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Five Months After A $55 Million Series B, FinTech Argyle Is Cutting Jobs.
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US-based Argyle (website), which aims to help businesses and institutions access employment data, has laid off several employees across all departments. The figure cited by Argyle does not include contractors who may be affected by the layoff. The startup raised a $20 million Series A in October 2020 and announced…
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New Details About The Failed FinTech Of The Nephews Of German Chancellor Scholz!
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At the beginning of July, the Hamburg fintech Rubarb had surprisingly filed for insolvency. Behind the company are Fabian Scholz and Jakob Scholz, the nephews of German Chancellor Olaf Scholz. In the past, the two founders had repeatedly used their relationship with the SPD politician for marketing purposes.
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After Insolvency: Vantik Sells Customer Accounts To Fintech Rivals!
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At the beginning of June, Berlin-based fintech Vantik had to file for insolvency. The fintech launched in 2018 with mobile savings accounts for young adults and put paid-in amounts into its own fund, from where the capital is invested in a globally diversified ETF portfolio. Vantik announced that the investment…
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Israeli Paytech Melio Firex 60 Employees!
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The Israeli company Melio (website) raised $250 million last year at a $4 billion valuation but laid off 60 employees in its U.S. sales and customer success team due to a shift in product priorities. Founded by fintech veterans Matan Bar, Ilan Atias, and Ziv Paz, Melio is developing a…
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UK Fintech Startup Revolut Is Hiring For Its Digital Assets Division
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While the global tech industry is reeling from massive layoffs as startup funding declines, the U.K.’s largest unicorn is bucking the trend and going on a hiring spree. Revolut is increasing its workforce by 20%, including in the division of its digital assets, which has continued to grow despite the…
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Online Broker Robinhood Fires 713 Employees!
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Silicon Valley-based online broker Robinhood has laid off 23% of its workforce, just three months after the fintech platform cut its workforce by 9% amid global economic turmoil. The latest layoff wave would mean that about 713 employees would be let go, leaving nearly 2,400 employe
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Berlin-Based Neobank Vivid Closes Its Russian Office
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Berlin-based neobank Vivid Money has closed its staffed Moscow office. “We have more or less stopped office operations in Moscow,” stated co-founder Alex Emeshev “We also can no longer fund the office from outside.” Founded by former managers of Russian Tinkoff bank, Vivid had a large team in Moscow, with…
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Klarna CEO Sebastian Siemiatkowski Comments The 85 percent Loss In Value!
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Swedish payment service Klarna also feels declining investor interest in fast-growing and loss-making fintech companies. The company said in Stockholm on Monday it had secured $800 million in new financing, equivalent to a valuation of $6.7 billion. That means the company has lost about 85% of its value in a…
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Amid FinTech Downturn Klarna Seeks Fresh Money At Imploded $6.5 Billion Valuation!
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The Swedish fintech Klarna was just Europe’s most valuable startup, with a valuation of $46 billion. Now CEO Sebastian Siemiatkowski is hoping for fresh capital for a valuation of just $6.5 billion. Not long ago, the “buy-now-pay-later” pioneer received money at a valuation of $46 billion.
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RIP Heymoney! Allianz Terminates Its Multibanking App!
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Allianz’s fintech prestige project, the finance app Heymoney (website), will be shut down in the coming weeks. Last week, Heymoney informed its approximately 30 employees. The number of users is said to have been just in the five-digit range. Iconicfinance, the company behind Heymoney, has not succeeded over the years…