German mobile tax app Taxfix cuts 120 jobs in restructuring effort
Berlin-based mobile tax app Taxfix has laid off 120 employees, around 20% of its workforce, according to a TechCrunch report.
Taxfix lays off 120 employees
The news comes just two months after Taxfix acquired fellow German start-up Steuerbot, which offers a chat-based tax app, for an undisclosed sum as the company looks to accelerate its expansion in the German market. The company has also expanded its operations to Italy and Spain, claiming “millions” of app downloads.
The layoffs form part of a wider restructuring of the business to bring down costs. Just last year, Taxfix raised $220 million in a Series D funding round at a valuation of over $1 billion.
“The macroeconomic funding environment has changed over the past months and it is therefore more important than ever to position ourselves as an independent company for the long term,” Taxfix tells FinTech Futures.
“With Taxfix’s recent successful acquisition of Steuerbot, great synergies are created which enable us to heavily increase efficiencies. Therefore we took the strategic decision to restructure the organisation.”
From start-ups to global organisations, it seems no company is immune to the current challenging macroeconomic conditions, with US banking giants JP Morgan Chase and First Citizens being among the latest firms to conduct layoffs.
