A week ago, the German online trading unicorn Trade Republic raised another €250 million in Series C funding in a depressed market environment. Now, Trade Republic announced layoffs, the German online Business Insider reports. According to the company, more than 700 people were last employed by the Berlin-based startup. According to the spokeswoman, Trade Republic wants to focus more on the tech sector.
At an internal town hall meeting, Trade Republic announced a restructuring. In an email to employees, the company explained: “We are operating in a changing market environment and are evolving our strategy to meet our mission.” For that reason, the company said it is adjusting its organization so that it can focus all of its energy on building products that our customers love.
According to the statement, projects the fintech is working on are expected to become profitable faster, and priorities have changed to that end. This means that some people will be given new tasks, and other positions have been eliminated altogether. The Unicorn had been working on this strategy for several weeks, even before the closing of the financing round. The company spokeswoman also stressed that Trade Republic had not imposed a hiring freeze. The company wants to keep its workforce of 700 people and hire new staff again.