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The Zurich-based fintech company Numbrs has to cut its costs massively after failed financing and begins a comprehensive restructuring. According to the company, the conversion could lead to a reduction of up to 62 employees in Zurich, corresponding to almost half of the total workforce.
The background to the measures was that a new round of financing had not materialized in the high double-digit range, the company said in a message Thursday night. The restructuring program must guarantee the continuous operation of the company. The goal of the program is to reduce fixed costs by more than 50 percent and strengthen the profit base by “consistently realizing the previously untapped potential.”
Dubai sovereign wealth fund invested
Numbrs employees were briefed by management on the restructuring plans on Thursday. As part of a four-week consultation phase, the company wrote that it could make its own suggestions for the best possible design for organizational change. The objective of management is Find a socially acceptable solution for everyone affected and avoid difficult cases.
Numbrs’ main product is a finance app, which is particularly common in Germany, and which connects different bank accounts of users. According to the company, with 11 billion euros in aggregate customer deposits, 2.2 million downloads and 1.8 million bank accounts integrated through the application, this is the most widely used independent financing application in Germany. Investors in the company include Dubai State Fund, Apax founder Ronald Cohen and Pierre Mirabaud.
The company adheres to the vision
At launch, the company remains confident in the future and intends to uphold its vision of developing Numbrs in the “world’s leading multi-bank application.” The application will continue to be offered and supported with full functionality in the German market. Furthermore, the company plans to enter the UK in the summer of 2020. (pbe / SDA)
