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Five months after raising $206 million in Series B funding, Juni, a Swedish fintech company for e-commerce businesses, has announced it will cut a third of its workforce.
Juni lays off a third of its employees
The layoffs come just two months after cutting 10% of the workforce. Juni currently employs 217 people and previously had plans to hire another 60 members.
In a post on LinkedIn, Juni co-founders Samir El Sabini and Anders Ausedalus citing a looming recession, rising inflation, volatile stock markets, and declining consumer spending as the macroeconomic downturn. He said he made the decision to restructure based on the situation.
Our decision to reassess our organizational structure and operating model is a positive move to ensure that we are best positioned to face any challenges this broader macroeconomic landscape may pose in the future. “Our strategic goals remain the same.”
Additionally, the company has secured a total of $282 million in funding to date, reiterating its “strong” financial position to weather the turbulent market.
Affected employees will be offered a “fair retirement package” along with support, Juni said.
