Ebanx Lays off 20% Workforce – 340 Employees

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.

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