Switzerland-based fintech firm Numbrs Personal Finance has axed half its workforce, resulting in 62 employees being laid off.

The retrenchment is as a result of a funding round of the company that was already signed but did not end up coming to fruition.

The funding fell through because of the Covid-19 pandemic causing economic uncertainty in the country, the company said.

The layoffs affected employees who were working at the Zurich headquarters.

Numbrs is obligated to give dismissed employees a four-week notice period during which they can make suggestions for suitable replacements to layoffs and cuts.

Numbrs managing partner Fynn Kreuz said: “The company was on the verge of signing a multi-million dollar investment contract, but even though the contract was signed, the investor did not transfer the money.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

“We are extremely sorry that we have to initiate a restructuring program due to the current developments and will do everything possible to make this process as socially acceptable as possible.”

Founded in 2012, the Zurich-based firm developed a mobile banking app that aggregates bank accounts and allows users to apply for bank accounts, credit cards, loans and insurances.

The company has raised more than $150m so far from investors like Sovereign Wealth Fund of Dubai (ICD), venture capitalist Ronald Cohen, and the Mirabaud Group.