Nomad Layoffs
August 2022
Nomad announced a layoff affecting 0 employees (20% of its workforce) in August 2022. The company operates in the Finance sector.
0
20%
Aug 4, 2022
About
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.
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