Argentinian fintech Ualá announced a 9% workforce reduction, citing regional role duplications following recent investments in Argentina, Colombia, and Mexico.

The layoffs, impacting 140 employees, aim to enhance efficiency and product development, according to a company statement. Ualá, which offers financial solutions across Latin America, stated that severance packages exceed legal requirements.

Ualá’s recent acquisitions include Argentina’s Wilobank, Empretienda, and Ceibo Créditos, as well as Mexico’s ABC Capital. The company, founded by Pierpaolo Barbieri in 2017, serves over 7 million users in the region.