Numbrs Personal Finance AG, a Zurich-based fintech that operates one of the most widely used personal finance apps in the German market, is slashing its workforce by up to 62 employees, or 50% of its workforce, after new financing in the millions of dollars failed to materialize amid the COVID-19 outbreak.

The fintech announced the restructuring late last week saying it still plans to expand into the U.K. later this year and will continue to support its German app, which recently added the ability to aggregate cryptocurrency accounts.

"We are extremely sorry that we have to initiate a restructuring program due to the current developments and will do everything we can to make this process as socially acceptable as possible," Fynn Kreuz, managing partner at the company, said in a company release. 

The company said it has implemented a comprehensive cost reduction plan that will reduce costs by 50% and tap previously unrealized potential earnings. 

The company informed workers of the planned cuts late last week and is undergoing a four-week process to determine how best to restructure the organization. 

After launching in 2014, the company reached unicorn status with a valuation of more than $1 billion, after raising $40 million in August 2019.