Numbrs, one of the most-used multibanking apps in Germany, to cut workforce by half after new financing round has not been completed. „Like many other start-ups, must now prepare ourselves for a long lean period.”

Numbrs Personal Finance AG („Numbrs”), provider of the leading multibanking app in the German market, is initiating a comprehensive restructuring program. „The reason for this is that a new financing round in the high double-digit million range has not been completed despite a legally binding signature.”, according to the press release.

In order to ensure the continued operation of the company in an environment that will be marked by significant uncertainties in the field of start-up financing for the foreseeable future, caused by the COVID-19 pandemic, Numbrs today also began implementing a comprehensive program to reduce costs and to exploit untapped revenue potential.

„The program aims to reduce fixed costs by more than 50 percent and strengthen the revenue base by consistently leveraging previously unrealised potential.”, the company said.

The Numbrs App will continue to be available and maintained in its full functional scope in the German market. This includes new functionalities such as the possibility of aggregating cryptocurrency accounts in Bitcoin, Ethereum, and Litecoin via the app.

„We will also continue to rapidly address and resolve the technical problems that still occasionally arise in connection with the introduction of the new interfaces from banks to third-party providers as a result of the second EU payment transaction directive (PSD2). Besides, Numbrs is sticking to its market entry in the UK, which is still planned for summer 2020.”, the company added.

The intended reorganization might lead to a reduction of up to 62 employees at the company headquarters in Zurich – this would correspond to almost 50 percent of the company’s total workforce.

Furthermore, Numbrs already initiated the complete virtualisation of the organization two week ago. This means that the entire Numbrs staff will continue to work in home office.

„On behalf of the management, I would like to thank all Numbrs employees for their understanding that we, like many other start-ups, must now prepare ourselves for a long lean period. In addition to user growth, which has been our absolute priority so far, the focus is now on realizing further revenue potential in our user community and optimising our cost structures.”, explained Fynn Kreuz, Managing Partner of Numbrs Personal Finance AG.

Numbrs remains one of the most-used multibanking apps in Germany. „Despite the current challenging phase, the company is confident about the future and remains committed to its vision of making Numbrs the world’s leading multibanking app. the company’s strategic plan for the current fiscal year remains unchanged.”