Elinvar cuts workforce by a third and receives new millions
Pascal Mühle
| 21.10.2022
Berlin-based fintech calls for austerity - despite new capital and rising revenues.
Berlin-based fintech Elinvar is laying off nearly a third of its workforce, reports Finance Forward. At the same time, the company probably raised several million euros in capital from existing investors such as Goldman Sachs and Toscafund.
Elinvar offers banks, asset managers and other wealth management service providers a platform for digitization. CEO Christ Bartz has "the clear goal of becoming profitable over 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. In the process, the fintech company could "more than double" its earnings in 2022, according to the CEO, Bartz says. In 2020, Elinvar already had earnings of 2.7 million euros, according to the annual financial statements in the Federal Gazette, where it forecast further growth.
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Startup
2016
Berlin
Elinvar
The digital platform for banks and asset managers to digitize their business model.
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