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November 18, 2022

Juni to slash 30% workforce due to economic downturn

Juni, a Swedish fintech company, has announced plans to lay off 30% of its workforce citing market conditions.

In a LinkedIn post, Juni co-founders Samir El-Sabini and Anders Orsedasaid said: “We are reducing our workforce across the business and sadly, we will be saying goodbye to a third of our incredibly talented people.”

The announcement comes just two months after Juni axed 10% of its workforce, Sifted reported.

According to the post, despite the economic downturn, the firm is continuing its growth trajectory and transaction volumes on its platform have grown more than 100% since June this year.

“Our decision to re-evaluate our organisational structure and operational model is a proactive one that ensures we are best positioned to face any challenge that this broader macroeconomic context might bring in the future. Our strategic goals remain unchanged”, the co-founders said.

Responding to the publication’s query, a Juni spokesperson said: “We have 217 employees at Juni and roughly a third will be impacted by these changes. We are restructuring our organisation and operating model, and all areas are therefore impacted.”

In June this year, the fintech closed its $206m funding round, which comprised both equity and debt investment.

The round saw participation from Mubadala Capital , EQT Ventures , Felix Capital, Cherry Ventures , Partners of DST Global and TriplePoint Capital.

The firm has raised $282m in funding since its inception in 2020. Earlier this month, fintech firm Chime said it has axed 12% of its workforce due to unfavourable market

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