Tomorrow lays off many employees

The start-up has to cut costs due to the poor overall economic situation and is laying off around a quarter of its workforce.

Tomorrow is laying off around 30 of its 120 employees. According to the company, the reason for the layoffs is the difficult macroeconomic situation. "Therefore, in order to be able to guarantee stability for the majority of the team and our mission in the future, we now have to take a painful step and part with almost a quarter of the workforce," the fintech writes on LinkedIn.

Tomorrow is currently trying to become profitable. For example, this year the fintech converted its business to a pure premium customer business. Previously, customers could keep their accounts with Neobank for free, but now they pay a few euros in fees each month. Tomorrow also launched its own equity fund this year, Tomorrow Better Future Stocks, which aims to invest in sustainable companies. In November, the startup raised around 3.5 million euros in a crowdinvesting round. Around 3,500 people participated in this.

Inas Nureldin, Jakob Berndt and Michael Schweikart founded the startup in 2018. Tomorrow is a neobank committed to investing its customers' money only in sustainable projects. For this, Tomorrow uses the banking license of Solaris.