Mobile banking startup Monese is reportedly planning to trim its workforce and slash the size of upcoming funding round as it adjusts to the coronavirus (Covid-19) environment, according to media reports.
Monese is planning to shutter its Berlin and Lisbon offices which could affect 35 positions, AltFi reported citing sources familiar with the matter.
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The mobile bank is expected to lay off more people at its London and Tallinn head offices. The job cuts could affect 40% of its total employees.
A Monese spokesperson told AltFi: “We are going to be focussing more of our resources on our core tech platform and banking infrastructure and on our core European markets.
“It follows that this will necessitate some changes to the organisation which will likely affect each of our locations one way or another.
“As would be expected, we are consulting staff accordingly. It would be wrong to comment on the consultation process or what the results of the consultation process might be.”
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By GlobalDataMoreover, Monese was set to join the unicorn club as it almost bagged £100m in a funding round.
However, it gave up its funding ambitions as a result of the pandemic, the report added.
According to the report, the mobile bank is now aiming to raise half the initial amount from existing investors such as PayPal and Kinnevik.
The British digital bank has onboarded two million users by January this year. It primarily serves underbanked ex-pats and immigrants.
