Fintech ‘unicorn’ Numbrs slashes jobs as investors turn tail
Numbrs has a custom-made premises in Zurich to house its HQ.
All Rights Reserved
The mobile banking app Numbrs is poised to cut 62 of its Zurich-based staff after investors pulled out of an agreement to inject new funds into the company. Just last year, the fintech firm said it was worth CHF1 billion having attracted big ticket investments from around the world.
This content was published on
2 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
The digital finance platform employs around 150 staff at its headquarters in Zurich. Operating mainly in the German market, Numbrs had raised $200 million (CHF195 million) in previous funding rounds despite failing to make an annual profit since its inception in 2014.
But the company now faces a painful restructuring period because “a new round of financing in the high double-digit million range has not materialized despite a legally binding signature”. The company did not name the proposed investors or say whether they had pulled out due to the economic uncertainties created by coronavirus.
As a result of the blow, Numbrs says it must now reduce fixed costs, such as staff wages, by 50%. But the company is going ahead with plans to enter the British market.
“I would like to ask all Numbrs employees for understanding that, like many other startups, we now have to prepare for a longer dry spell,” stated managing partner Fynn Kreuz.
The coronavirus pandemic has negatively impacted venture capital funding as the economy and financial markets have been thrown into turmoil. Several investors have seen their own wealth shrink and are concentrating on keeping their current portfolio of start-ups afloat rather than risking new investments.
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
Experts lower Swiss growth forecasts due to US trade tensions
This content was published on
The uncertainty caused by ongoing trade conflicts is making companies hesitant to make decisions, which significantly hinders investment.
Swiss abbot resumes role following abuse investigation
This content was published on
Scarcella was accused in the Catholic Church abuse scandal last autumn. In October 2024, the Vatican declared there was no evidence of abuse or harassment against him.
Swiss stock exchange operator SIX to cut 150 jobs in efficiency drive
This content was published on
"We're not revealing the number of job losses at each location at the moment," said a SIX spokesperson. However, there will be cuts in Switzerland as well.
Martin Pfister named new Swiss government minister
This content was published on
Pfister’s election keeps the linguistic balance of Switzerland’s government, but shifts gender balance to only two women.
Swiss interior minister meets UN leaders in New York for women’s rights session
This content was published on
The Swiss interior minister also held bilateral meetings with UN Secretary-General António Guterres and Sima Sami Bahous, Executive Director of UN Women
The image of foreigners in Switzerland has deteriorated
This content was published on
The Federal Statistical Office has found that Swiss people’s views of foreigners have worsened over the last couple of years.
After mild winter, nature wakes up earlier in Switzerland
This content was published on
Once again this year, nature has woken up earlier than normal, between a week and ten days ahead of schedule due to a mild winter.
Computer failure disrupts air traffic at Geneva airport
This content was published on
A computer breakdown has disrupted operations at Geneva Airport since midday on Tuesday. Significant delays are expected.
Swiss show high willingness to pay for sustainable flats
This content was published on
Tenants in Switzerland are in favour of sustainable flats. However, the willingness to pay differs by income according to a new study.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss fintech scene on the verge of a ‘big decade’
This content was published on
The number of financial technology start-ups is rapidly growing in Switzerland, as is the amount of funding they receive from venture capitalists.
Swiss venture capital funding breaks CHF2 billion barrier
This content was published on
New ventures in the ICT and fintech sectors received the largest slice of funding (CHF1.2 billion), but financial support for early stage biotech firms also received a significant boost (CHF625 million), according to the annual reportExternal link from online news portal startupticker.chExternal link and the investor association SECAExternal link. Four Swiss companies – ADC Therapeutics,…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.