Jeff Bezos-backed fintech startup Lummo [formerly known as BukuKas] is letting go of its staff and halting the expansion of LummoSHOP — its service that allows offline merchants to set up online stores, DealStreetAsia has learnt.
So far, about 100 employees have lost their jobs, according to people familiar with the matter. The company is taking this action due to “the current uncertainty in the global economic situation, which has had a huge impact on the startup ecosystem, and difficult access to capital”, the sources said.