SumUp Layoffs
May 2022
SumUp announced a layoff affecting 100 employees (3% of its workforce) in May 2022. The company operates in the Finance sector.
100
3%
May 30, 2022
About
In May 2022, the fintech company SumUp laid off approximately 100 employees in Brazil, citing the "economic instability" in the region as a key reason. This reduction affected its team in Brazil and represented a small percentage of its global workforce of around 3,000. The layoffs were part of a broader trend of workforce reductions within the fintech startup sector, which was under pressure to demonstrate profitability after a period of rapid growth. SumUp, a prominent payment provider, had been seeking new funding earlier in the year at a high valuation, but market conditions were becoming more challenging. The decision followed earlier layoffs at other fintech firms like Klarna, Kontist, and Nuri, highlighting ongoing pressures in the industry.
Related Events
More Finance Layoffs
Report an Error
If you find incorrect information, please let us know so we can correct it.
support@layoffs.nl