Bricknode announces measures to accelerate path to profitability
Bricknode, a leading SaaS financial services platform, today announced that the company is undertaking a series of measures in order to accelerate its path to profitability. Amidst a global slowdown in investment, the company has decided to implement a plan to reduce costs, drive efficiency and sustainable growth. The company is conducting the following actions:
- Reducing fixed and variable costs by approximately 40%
- Exploration of financing related to acting on the previously announced opportunity to register a regulated securities firm
Following years of investment and development in Bricknode’s product suite, the company will continue its primary focus on sales and marketing efforts going forward. Bricknode has developed an extensive product platform and completed a core technology upgrade in June 2022, that will sustain growth into the future.
Bricknode will continue with plans to establish a subsidiary with a securities license, as announced in May, which will drive further efficiencies for the company and incremental sales pipeline.
“To achieve our goal in reaching profitability, we are taking necessary steps to streamline our business in the face of a challenging global investment market,” said Stefan Willebrand, Founder and Co-CEO of Bricknode. “These changes are being implemented to support a sustainable growth strategy and ensure the long-term success of our company.”
“The cost savings and operational efficiencies being announced reinforce our commitment to reaching profitability by the middle of next year,” said Erik Hagelin, Co-CEO and CFO at Bricknode. “We have built up an impressive sales pipeline and these measures will help support us as we continue to develop opportunities with longer sales cycles.”
Contacts
Bricknode
Stefan Willebrand, Founder & Co-CEO
+46 8 122 086 87
Certified Adviser
Amudova AB
+46 8 546 017 58
About Bricknode
Bricknode is a B2B-focused SaaS company that provides scalable, cloud-based software enabling financial companies to launch digital banking products at speed. The platform makes it easy for customers to build or transform almost any financial product with complete software for investment management, funds, lending, deposits and savings. The company also offers outsourcing solutions for back-office administration. Bricknode was founded in 2010 and supports financial companies globally. Find out more at bricknode.com or follow Bricknode on LinkedIn & Twitter.
This is information that Bricknode Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 1 August 2022.