Financial comparison website Finder, co-founded by cryptocurrency enthusiast Fred Schebesta, is laying off about 40 employees in the second wave of layoffs to hit the company in the past three months.
In early February, Finder, which was founded in 2006, announced that it was laying off about 15 percent of its then-strong 500-strong workforce after a troubled foray into cryptocurrency and a broader tech industry downturn.
Companies that need to make layoffs typically try to cut staff all at once to avoid repeatedly hitting morale and stoking fears that more layoffs are on the way. On Tuesday, a Finder spokesperson confirmed that it was undergoing a further “realignment” that will eliminate around 40 roles around the world.
“We made this difficult decision to simplify business and increase our relative investment in Australia and other priority markets,” the spokesperson said. “We are confident this puts the company in a strong financial position to continue helping consumers make better financial decisions in particularly challenging economic times.”
Finder allows customers to compare services like insurance and cell phone plans. Earn money from referral fees when a customer buys a product they found on the Finder site and from selling ads.
Schebesta, whose public profile is arguably higher than the company he co-founded and had an estimated net worth of $214 million as of 2021. Australian Financial Review Rich Young List, stepped down as co-CEO in December last year, but remains CEO. Another co-founder, Frank Restuccia, is now global CEO.
Finder had launched a cryptocurrency savings product called Finder Earn in 2021 at the height of enthusiasm for digital tokens. He shut down the tool after the Australian Securities and Investments Commission raised concerns that it would later turned into a lawsuit claiming that Finder did not have the proper license to release the product. Finder defends that claim.
The spokesperson said Finder was working to support staff affected by the April layoffs. Since then, Schebesta has aged off the list of young rich.