German Banking-as-a-Service company Solaris is set to lay off a third of its workforce with the majority of job losses hitting its British subsidiary Contis.
Solaris earlier this month signalled the start of a major tramnsformation programme which would see the sunsetting of its EMI and embedded finance business Solaris SE.
The EMI unit comprised Contis, the UK-based payment firm acquired by Solaris in 2011 and fully integrated under the EMI brand a year later.
The full-scale of the redundancy programme was reported by Handelsblatt, which says the overhaul will hit around 240 of the firm's 700 employees.
Solaris raised €96 million in a Series F funding round in March and secured a financial guarentee of up to €100 million capital equivalent, enabling it to deliver on a major contract with motor association Adac. The new investment came after Solaris reported a €56 million loss for fiscal year 2022.