Juni, the Swedish neobank for e-commerce entrpreneurs, is to lay off a third of its 217-strong workforce just months after raising $206 million in Series B and venture debt funding.
The latest round of layoffs come hard on the heels of a 10% cut in staff two months ago.
In a LinkedIn post, co-founders CEO Samir El-Sabini and CTO Anders Orseda contend that the company remains in a strong financial position, but caution: "The world has changed dramatically in the past 12 months. Businesses across the globe are contending with a looming recession, increased inflation, volatile stock markets, and decreased consumer spending. We started 2022 with an aggressive expansion strategy and our hiring strategy has reflected that."
The firm in June picked up $100 million in Series B funding and $106 million in venture debt financing and announced plans to hire a further 60 staff by the end of the year.
El-Sabini and Orseda insist that Juni remains on a healthy growth trajectory, citing a 100% increase in transaction volumes over the summer.
"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," they say. "Our strategic goals remain unchanged."
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