In September 2022, Finnish mobility-as-a-service company Maas Global, which had acquired the Brazilian urban mobility startup Quicko just six months prior, announced it was shutting down all operations in Brazil. This closure resulted in the layoff of all employees at the Brazilian headquarters. Following the acquisition, Maas Global had incorporated Quicko's team of over 60 employees. The shutdown of the Quicko app in cities like São Paulo and Rio de Janeiro marked a full exit from the Latin American market. The CEO cited a sudden change in financial markets and an inability to secure sufficient funding as the primary reasons, despite the startup having ambitious growth targets, including aiming for one million users. This pivot led the parent company to focus on partnerships in other regions instead.
