Ualá fires 9% of its staff at the regional level

Ualá fires 9% of its staff at the regional level
Ualá fires 9% of its staff at the regional level

Changes in the world of work also affect fintech companies. In the last hours, Ualá, the Argentine unicorn founded by Pierpaolo Barbieri announced the cut 9% of its staffwhich implies the dismissal of 140 people at the regional level.

Ualá has operations in Argentina, Mexico and Colombia. The layoffs occur in these three countries and are at a general level, they do not apply to a particular sector of the company. Employees found out by email signed by Barbieri himself.

“As part of our strategy to strengthen the regional business, in recent years we haveand four entities have been acquiredwhich generated some duplicate positions in the team“, Ualá responded to the query of Clarion.

“In pursuit of greater efficiency with a focus on the development of the best technological product, it has been necessary to carry out an internal reorganization that It affected 140 people, that is, 9% of the team“.

“In all cases Exit agreements have been offered that exceed legal requirements“, assured the company. The reason given by the company is that, in its meteoric growth acquired two banks, in Argentina and Mexico, plus two other companies in Argentina and there were positions that “overlapping”

“This difficult decision aims to maintain our ability to innovate to offer more and better financial services to the more than seven million people who trust us throughout the region,” they said.

Company sources They denied that this decision has to do with the local situationespecially with the impact of the lower interest rates in the financial sector. Ualá has a banking license in Argentinaafter it acquires in 2022 Wilobank, the digital bank founded by Eduardo Eurnekian. However, only less than a year ago did they begin the migration of their users’ deposits to their banking arm, so they say that lower rates have a marginal effect on the heart of their business.

On the contrary, the fintech assures that the new context of interest rates in Argentina will allow Ualá’s credit offer to increase. Recently, the app relaunched its Mastercard credit card, with the image of Lionel Messi.

Ualá appears in the Top 10 of the survey of companies ranked by Great Place to Work in Argentina. It is not the first time that in its meteoric growth it has had to announce the reduction of its workforce: at the end of 2022, in the midst of a wave of downsizing in technology companies, the company had laid off 53 people.

 
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