The start-up cites the economic instability in Brazil as the reason. The German site has not been affected by layoffs so far.
According to information from Finance Forward and Financial scene laid off about 100 employees in Brazil. The startup confirmed the layoffs, but did not provide any numbers on the matter. The German site has not been affected so far.
The reason for the decision is said to be the economic instability in Brazil. However, Sumup is not the only company in the financial sector that is currently cutting jobs: Last week, banking startup Kontist terminated 50 employees. Neobank Nuri is cutting nearly one in five jobs. Last spring, Sumup had already terminated 150 employees for operational reasons(we reported).
According to its own information, the start-up, founded in 2012, employs a total of more than 2600 people. More than three million companies use Sumup’s payment solutions. These include card terminals and POS systems. Business accounts with Mastercard and the option of operating their own online store are also part of the start-up’s offering for corporate customers.