Smava

In November 2022, Berlin-based fintech Smava laid off around 100 employees, representing approximately 15% of its workforce, as part of a cost-cutting program amid a strained economic climate. This marked the company's second round of layoffs in just a few months, following a previous reduction in August. After these cuts, Smava's employee count dropped to about 700. The company, which specializes in consumer credit brokerage and had been on a growth trajectory, including acquiring competitor Finanzcheck in 2021, faced pressures from global economic challenges, particularly following the outbreak of the war in Ukraine. The layoffs affected all areas of the business, reflecting broader difficulties in the fintech sector during this period.

The German fintech company Smava, a Berlin-based consumer loan comparison portal, has laid off approximately 10% of its workforce, affecting nearly 100 employees out of a total of around 1,000. The staff was informed of the cuts yesterday, with the layoffs impacting virtually all departments, including IT and marketing. This move is part of an ongoing wave of job reductions within the German fintech industry, reflecting broader market adjustments and challenges in the sector.