Loggi, backed by investors such as Softbank Group Corp and Monashees, is the latest in a string of Latin American startups to cut its workforce in recent months, including payments fintech Ebanx and used-car marketplace Kavak.

The dismissals are "part of a set of measures taken in the last six months to increase operational efficiency to adapt the company to the new global scenario and ensure business sustainability," Loggi said in a statement.

Outgoing CEO Mendez will take over as chairman of the board, the company said.

(Reporting by André Romani; Editing by Alistair Bell)