Numbrs Personal Finance, a Zurich-based account aggregation app, is preparing to cut its headcount in half after a funding round in the "high double-digit million range" fell through.
The company says the financing has not materialised "despite a legally binding signature", forcing it to slash its cost base by more than 50%.
With Covid-19 causing economic uncertainty, up to 62 people at the Zurich headquarters could be let go, reducing Numbrs' total workforce by nearly 50%.
"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," says Fynn Kreuz, managing partner, Numbrs.
Launched in 2014, Numbrs offers an account aggregation app and provides users with the opportunity to apply for bank accounts, credit cards, loans and insurances directly within the app.
The firm, which raised $40 million last August, says it will continue to offer its full range of services in its main market, Germany, and that it still plans to launch in the UK this summer, adding it is "confident about the future".