Evaluating only EBANX (2022 crisis)’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
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Documented cause
EBANX, Brazil's leading cross-border payment platform enabling global merchants to accept LatAm payments, raised $430M and reached unicorn status. In 2022 rising interest rates globally and a Brazil-specific macroeconomic slowdown compressed EBANX's take rates and increased its cost of capital. The company laid off 30% of its workforce — approximately 900 people — and restructured. The company survived but at reduced scale.
Lesson
“Cross-border payment platforms in emerging markets carry FX volatility risk, local interest rate risk, and global rate risk simultaneously. Stress-test all three at the same time before sizing the team. When macro moves, all three move together.”
FAQ
What happened to EBANX in 2022?
EBANX, Brazil's cross-border payments unicorn with $430M raised, laid off 30% of its workforce (approximately 900 people) in 2022 after rising interest rates and Brazil's macroeconomic slowdown compressed margins.