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German mobile tax app Taxfix cuts 120 jobs in restructuring effort

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German mobile tax app Taxfix cuts 120 jobs in restructuring effort

Berlin-based mobile tax app Taxfix has implemented a restructuring effort, resulting in the layoff of 120 employees, which accounts for approximately 20% of its workforce. This move comes after Taxfix acquired a German start-up called Steuerbot, expanded its operations to Italy and Spain, and secured a significant funding round.

Facts

  • Taxfix, a Berlin-based mobile tax app, has laid off 120 employees, constituting around 20% of its workforce.
  • Taxfix recently acquired Steuerbot, a German start-up offering a chat-based tax app, for an undisclosed sum, aiming to accelerate its expansion in the German market.
  • The company has expanded its operations to Italy and Spain, boasting “millions” of app downloads.
  • Taxfix raised $220 million in a Series D funding round last year, valuing the company at over $1 billion.
  • The layoffs are part of a broader restructuring effort aimed at reducing costs and positioning Taxfix as an independent company for the long term.
  • The challenging macroeconomic conditions have affected various companies, including Taxfix and US banking giants JP Morgan Chase and First Citizens, both of which have also conducted layoffs.

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