Berlin-based fintech Elinvar is laying off nearly one-third of its workforce, affecting an estimated 40-50 employees out of a total of 130-140 staff. The layoffs, confirmed by CEO Chris Bartz in October 2022, are part of a consolidation effort aimed at achieving profitability within the next year. This restructuring follows recent setbacks, including delays in a key partnership and the discontinuation of a robo-advisor product. Despite the cuts, Elinvar has secured additional funding from existing investors like Goldman Sachs and reports that its revenues are on track to more than double this year. The company operates in the wealth-tech sector, providing digital asset management solutions to financial institutions.
