N26 has made nine members of staff redundant after feeling the coronavirus pinch on its purse strings.
Update 15-05-2020 - Article was amended after publication for clarification that the employee departures happened before N26 extended its Series D funding round.
German challenger bank N26 has laid off 10 per cent of its workforce in its New York office to help "future-proof the business in these uncertain times."
The news, first reported in Finance Forward, comes just a week after it was revealed N26 had extended its Series D funding round for a second time and raised an additional $100m, although the redundancies happened a month before the extension was announced.
Nine employees were cut in the staff cull, which, according to the spokesperson for the digital bank, was because it "shifted certain functions from our NYC office to our HQ in order to leverage synergies."
The digital bank told Finance Forward the redundancies were primarily employees in recruiting roles.
The founder’s pay cuts were noticeably lower than that of other challenger bank executives.
Monzo’s Tom Blomfield and Revolut’s Vlad Yatsenko and Nikolay Storonsky have all forgone a salary for the next 12 months to ensure their staff receive theirs, as well as top executives also receiving big pay cuts.