SAO PAULO (Reuters) – Brazilian payments fintech Ebanx said on Tuesday it had laid off about 20% of its staff, joining billion-dollar tech companies across the country bracing for a gloomy economic landscape.
Ebanx’s dismissal of 340 employees is the latest in a wave of large Brazilian startups who have announced they are slimming down amid high inflation, shrinking capital pools, and rising interest rates.
Ebanx, which boasts a $1 billion valuation and previously had over 1,700 employees, said in a statement that it is reviewing its operations and focusing down on its main business, international payments.
The company, which processes payments in 15 Latin American countries, has restructured and discontinued some projects, without giving further details.
In March, Ebanx’s CEO and founder Joao Del Valle announced he had postponed a fresh fundraise until later this year due to the current mood of investors.
(Reporting by Andr’ Romani; Writing by Carolina Pulice; Editing by Nick Zieminski)