Smava Layoffs
November 2022
Smava announced a layoff affecting 100 employees (15% of its workforce) in November 2022. The company operates in the Finance sector.
100
15%
Nov 2, 2022
About
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.
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