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 that have announced they are slimming down amid high inflation, shrinking capital pools, and rising interest rates.
Ebanx, which boasts a $1 billion valuationand 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.
