Swedish fintech Juni has announced it is laying off a further 30% of its team in a second round of layoffs, two months after it let go of 10% of its workforce. It comes less than six months after it raised $206m in debt and equity this summer.
In a Linkedin post published on Wednesday, the company said that the second round of layoffs was due to new market conditions.
“Our decision to re-evaluate our organisational structure and operational model is a proactive one that ensures we are best positioned to face any challenge that this broader macroeconomic context might bring in the future. Our strategic goals remain unchanged,” the founders Samir El-Sabini and Anders Orsedal wrote on Linkedin.
Juni declined to answer why the layoffs were divided into two sets but a spokesperson said: "We have 217 employees at Juni and roughly a third will be impacted by these changes. We are restructuring our organisation and operating model, and all areas are therefore impacted."
Change of plan
Juni has raised $282m in total and according to the company has not been hit hard by current market conditions, and since June has increased transaction volumes by more than 100%.
After it raised in the summer the plan was to focus on growth while the rest of the fintech scene was struggling with layoffs and falling valuations, like German digital bank Nuri, which filed for insolvency in August, and Swedish buy now, pay later giant Klarna, which did its second set of layoffs in September.
It said then that the plan was to hire another 60 people, to add to its 200-person team by the end of the year.
The Gothenburg-based startup has developed a financial management platform made for ecommerce businesses. It offers physical and virtual cards, credit cards, accounting, analytics and digital advertising platforms — and now has Google Ads integration. Since it launched, it’s been a hot investment.
Early investors such as Cherry Ventures, EQT Ventures, DST Global Partners and Felix Capital invested in Juni’s Series A last summer, with an extension during the autumn. This summer, UAE-based Mubadala Capital invested $106m in equity and US-based TriplePoint Capital stepped in with $100m in venture debt financing.