European Fintech Layoff 120 More Employees

“The macroeconomic funding environment has changed over the past few months, and as a result, positioning ourselves as an independent company for the long term is more important than it has ever been.”

In order to reduce expenses, the European fintech unicorn Taxfix has let go of 120 employees.

It has been reported that Europe’s leading mobile tax platform, Taxfix, has reduced its workforce by 120 people, or 20 percent, as a cost-cutting measure in the midst of a funding winter.
According to TechCrunch, the layoffs are a result of the recent acquisition of a Stuttgart-based start-up called Steuerbot by Taxfix. Steuerbot is a company that provides a successful chat-based tax application in Germany.

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In the year 2022, the accounting startup based in Germany reached a valuation of one billion dollars.
Great synergies have been created as a result of Taxfix’s recent and successful acquisition of Steuerbot, which enables us to significantly increase our level of efficiency. “As a result, we came to the conclusion that it was in our best interest to reorganise the company,” a spokesperson for Taxfix was quoted as saying.

“The macroeconomic funding environment has changed over the past few months,” the spokesperson for the company continued, “and as a result, it is more important than it has ever been to position ourselves as an independent company for the long term.”

The platform successfully completed a Series D funding round in April 2022, raising a total of $220 million at a valuation of over $1 billion from investors such as Teachers’ Venture Growth, Index Ventures, Valar Ventures, Creandum, and Redalpine, among others.

Taxfix is the most widely used mobile tax platform in Europe, having been downloaded more than five million times in Germany, Italy, and Spain alone.A
The milestone of having refunded more than two billion euros in taxes to its customers was recently achieved by the fintech platform.

According to a statement made by the company in February of this year, more than 500 employees are working in Berlin and Madrid to further develop the Taxfix service and product portfolio. These employees include tax specialists, developers, and IT security experts.