In another sign of the flagging global economy, Germany-based digital bank N26 has announced a 4% reduction in its employee headcount. N26 is a fully licensed bank receiving approval in its home country.
N26 operates in various European countries. At one point, it took a shot at providing services in the US and the UK, only to retrench and exit these markets.
N26 said that the “long-lasting changes to the global business landscape” has caused it to focus on its most important strategic priorities.
“The company is constantly reviewing the best setup and size of its teams in line with these priorities. As such, leaders at N26 have recently reassessed each functions’ individual staffing needs to adjust and adapt team structures in certain areas. N26 is confident that sharpening its focus in this way will enable the company to fully capture the strategic opportunities ahead of it. Sadly this means that N26 will be saying farewell to a number of talented employees who have helped bring the company to where it is today, as it will reduce its headcount by 71, or about 4 %.”
N26 said that all impacted employees will receive a “comprehensive severance package” that reflects their tenure and contributions to the digital bank.
N26 reported over 8 million customers in 2022. In 2021, the Fintech raised $900+ million at over a $9 billion valuation.