Around the world, the once unstoppable growth of tech companies has been called into question by successive waves of layoffs, with sectors whose strength is tied to consumer confidence the worst affected.
In Europe, the q-commerce space has been among the hardest hit. Between the biggest players on the European market such as Gorillas, Getir and Zapp, thousands of jobs have been cut this year.
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Without the armies of delivery workers that q-commerce businesses employ, the worst FinTech layoffs typically number in the hundreds rather than thousands. But it’s hard to compare the two, and Europe’s FinTech job losses still represent a significant blow to the continent’s tech ecosystem.
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Some of the worst instances include Klarna, which announced that it was cutting its global workforce by 10% in May, a move that will be felt most at the company’s headquarters in Stockholm.
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Meanwhile, Vienna-based crypto firm BitPanda revealed in June that its headcount would be reduced to 730 people, representing around two-thirds of its previous workforce.
Other European FinTechs that are slimming down their employee base include the digital bank Nuri, the trading platform FreeTrade and the digital wallet aggregator Curve.
There’s a Silver Lining
Yet despite the gloomy outlook, some FinTechs appear to be bucking the global trend, capitalizing on the opportunity to invest in new talent.
In a recent first half earnings call, Ingo Uytdehaage, chief financial officer at Amsterdam-based payments company Adyen, told investors that the company had expanded its workforce by 400 in the first of this year, half of whom were placed in tech roles.