Fintech Ebanx has terminated jobs of about 20 percent of its staff – representing 340 employees — in Brazil.
Facily, an e-commerce company in Brazil, also recently cut around 30 percent of its workforce. Local cryptocurrency exchange Mercado Bitcoin and investment platform Empiricus have also announced layoffs.
Meanwhile, Mexican SoftBank-backed tech unicorn Kavak laid off 150 employees in Brazil’s operation earlier this month.
Ebanx, which boasts a $1 billion valuation and previously had over 1,700 employees, said it is reviewing its operations and focusing down on its main business, international payments.
Ebanx, which processes payments in 15 Latin American countries, has restructured and discontinued some projects.
In March, Ebanx’s CEO and founder Joao Del Valle announced he had postponed a fresh VC funding until later this year due to the current mood of investors.