Swedish fintech for e-commerce businesses Juni has announced it is trimming one-third of its workforce, five months after it raised $206 million in Series B funding.
Juni lays off a third of its workforce
The layoffs come just two months after it shed 10% of its workforce. Juni currently employs 217 people, and had earlier laid out plans to hire 60 additional members.
In a post on LinkedIn, Juni’s co-founders, Samir El-Sabini and Anders Orsedals, hare that they took the decision to restructure based on the macroeconomic context, citing looming recession, increased inflation, volatile stock markets, and decreased consumer spending.
“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,” they say. “Our strategic goals remain unchanged.”
Additionally, they reiterate that the company is in a “strong” financial position to weather a turbulent market, with a total of $282 million in its coffers to date.
The affected employees will be offered “fair exit packages” along with support, Juni says.
Shruti Khairnar
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