Smava lays off around 100 employees

The credit comparison portal is thus parting with almost 17 percent of its entire workforce.

Following the layoffs at Klarna and Trade Republic, the next fintech is now parting with a significant portion of its workforce. Berlin-based credit comparison portal Smava apparently laid off around 100 employees yesterday, as Financial Scene reported. In total, the company says it has around 600 employees. From marketing to IT, all areas are said to be affected by the layoffs.

Smava gave no reason for the current terminations, but the difficult overall economic situation is likely to have contributed. As Financial Scene reported, the demand for consumer loans is still high, but the creditworthiness of interested parties would decline. As this means fewer loans are being granted overall, this may hurt Smava's business in the long run. Alexander Artopé founded Smava back in 2007. On the credit comparison portal, customers can compare loans from more than 20 banks and other lending partners. Still in the past year Smava bought the platform for credit comparisons Finanzcheck for approximately 200 million euro. This merger has apparently already cost 50 employees their jobs.