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QED Investors-backed fintech Hash reduces staff, operations

·1 min read

By Tatiana Bautzer

SAO PAULO, Aug 12 (Reuters) - QED Investors-backed Brazilian fintech Hash has fired dozens of its employees and is gradually closing its operations, two sources with knowledge of the matter said on Friday.

The company allows B2B companies to provide financial payments and banking solutions to their merchant partners and had raised $60 million in three funding rounds since it was founded in 2017.

The two sources said the company was running out of cash. One source said Hash had been in talks to raise capital with Softbank Group's Latin America fund, but no agreement was reached and Hash had to fire staff. Softbank declined to comment.

Hash's latest round was in October, when it raised $40 million, or around 235 million reais. Its investors are Kaszek Ventures, QED Investors and Canary. Hash and the investors did not immediately reply to Reuters requests for comment.

(Reporting by Tatiana Bautzer, additional reporting by Aluisio Alves; Editing by Josie Kao)