Sumup makes employees redundant

The start-up cites the economic instability in Brazil as the reason for this. The German site has not yet been affected by redundancies.

According to information from Finance Forward and Finance Scene Sumup has laid off around 100 employees in Brazil. The start-up confirmed the redundancies but did not provide any figures. The German site has not yet been affected.

The reason for the decision is the economic instability in Brazil. However, Sumup is not the only company in the financial sector that is currently cutting jobs: Last week, banking start-up Kontist laid off 50 employees. Neobank Nuri is cutting almost one in five jobs. Sumup had already made 150 employees redundant in the spring of last year(we reported).

According to its own information, the start-up, which was founded in 2012, employs a total of more than 2,600 people. More than three million companies use Sumup's payment solutions. These include card terminals and POS systems. Business accounts with Mastercard and the option to operate your own online store are also part of the start-up's offering for corporate customers.