Brazilian fintech Nomad, which enables digital US bank accounts and investments, has laid off approximately 20% of its workforce, affecting over 50 employees. This reduction comes just three months after the company secured a $32 million funding round that valued it at over R$1 billion. The layoffs, announced by CEO Lucas Vargas in an all-hands meeting on August 3, 2022, were attributed to the global financial crisis impacting the company. Despite recent plans for expansion with a team of around 250, the cuts spanned multiple departments including operations, development, and customer experience. The fintech, launched in 2020, stated this restructuring aims to ensure long-term performance and preserve cash for future opportunities.
