Financial comparison website Finder, co-founded by cryptocurrency enthusiast Fred Schebesta, is making about 40 staff redundant in the second wave of lay-offs to hit the company in the last three months.

In early February Finder, which was founded in 2006, announced it was making about 15 per cent of its then 500-strong workforce redundant after a troubled foray into cryptocurrency and a broader technology industry downturn.

Finder CEO Frank Restuccia, left, with co-founders Jeremy Cabral and Fred Schebesta in happier times.Credit:Louie Douvis

Companies that need to do lay-offs typically try to cut staff in one go to avoid repeatedly battering morale and stoking fears that more redundancies are coming. On Tuesday a Finder spokesman confirmed it was doing a further “restructuring” that will eliminate about 40 roles globally.

“We made this difficult decision in order to simplify the business and to up-weight our relative investment in Australia and other priority markets,” the spokesman said. “We are confident this puts the business in a strong financial position to continue to help consumers make better financial decisions through particularly challenging economic times.”

Finder allows customers to compare services like insurance and mobile phone plans. It makes money on referral fees when a customer purchases a product they found on Finder’s 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 in a 2021 Australian Financial Review young rich list, stepped down as co-chief executive in December last year but remains executive chair. Another co-founder, Frank Restuccia, is now global chief executive.

Finder had launched a cryptocurrency savings product called Finder Earn in 2021 at the height of enthusiasm about digital tokens. It shut down the tool after the Australian Securities and Investments Commission raised concerns that later escalated into a lawsuit alleging Finder did not have the proper licence to launch the product. Finder is defending that claim.

The spokesman said Finder was working to support staff affected by the April lay-offs. Schebesta has since aged out of the young rich list.

More to come.

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