Elinvar cuts a third of its workforce and receives new millions
The Berlin-based fintech announces austerity measures - despite new capital and rising revenues.
The Berlin-based fintech Elinvar is laying off almost a third of its employees, reports Finance Forward. At the same time, the company has probably raised several million euros in capital from existing investors such as Goldman Sachs and Toscafund.
Elinvar offers banks, asset managers and other investment service providers a platform for digitalization. Managing Director Christ Bartz has "the clear goal of becoming profitable in the course of the coming year", Finance Forward quotes the CEO as saying.
To achieve this goal, around one in three of the estimated 130 to 140 employees will now have to leave. According to the CEO, the fintech company was able to "more than double" its revenue in 2022, says Bartz. In 2020, Elinvar already had revenues of 2.7 million euros according to the annual financial statements in the Federal Gazette and forecast further growth there.
Newsletter
Startups, stories and stats from the German startup ecosystem straight to your inbox. Subscribe with 2 clicks. Noice.
LinkedIn ConnectFYI: English edition available
Hello my friend, have you been stranded on the German edition of Startbase? At least your browser tells us, that you do not speak German - so maybe you would like to switch to the English edition instead?
FYI: Deutsche Edition verfügbar
Hallo mein Freund, du befindest dich auf der Englischen Edition der Startbase und laut deinem Browser sprichst du eigentlich auch Deutsch. Magst du die Sprache wechseln?
