Quanto

Brazilian fintech startup Quanto has initiated a major operational restructuring, resulting in a layoff of 85% of its workforce. While the exact number of affected employees is not specified, this drastic cut reflects the company's response to significant market challenges. The decision, announced in a public letter, is part of a broader effort to navigate current adversities while honoring obligations to departing staff with extended health insurance and other benefits. Quanto will continue to support existing clients and maintain its regulatory duties as a Payment Transaction Initiator but has indefinitely halted services for new requests. The company remains committed to the Open Finance ecosystem in Brazil, aiming to democratize access to open data and transform the financial market, despite this substantial downsizing.

Quanto, a Brazilian open finance startup, laid off 28 employees, representing 22% of its workforce, on July 15, 2022. The company cited a challenging macroeconomic environment and the need for business adaptation as reasons for the restructuring. The cuts affected teams in technology, human resources, sales, and the legal department. This move is part of a broader wave of layoffs impacting Brazilian startups that began in April 2022. Quanto, which raised a $15 million Series A round in 2020 from major investors like Bradesco and Itaú, offered an exit benefits package to the departing employees.