Birchal cuts staff as part of 30% expense reduction

Equity crowdfunding platform Birchal has recently engaged in a round of redundancies as part of a 30% reduction in expenses across the company. The cost-cutting also saw the removal of contractors and a cut in executive salaries.

In a recent monthly update, Birchal revealed to shareholders that the platform “significantly underperformed” in its expectations and budget for funding volume in the first six months of the calendar year.

Despite reporting a 34% increase in total funding volume in H1 FY24 compared to H1 FY23, Birchal saw a slower start to the new year.

“Unfortunately, average funding volume has not recovered and like wider parts of the financial system we have not been completely exempt from tough macro-economic conditions,” a Birchal spokesperson said to SmartCompany.