Israeli fintech company Payoneer is laying off 200 employees, or 10% of its workforce, as it moves to focus on profitable growth. The layoffs are expected to focus on the marketing and service departments, while the impact on the development sector will be low.
Payoneer, which went public in June 2021, has been facing headwinds in recent months due to the macroeconomic situation. The volume of payments between businesses made on Payoneer’s platform was lower than expected in the first quarter of 2023.
The new CEO, John Caplan, who took over in March, has announced a new strategy that will focus on large and profitable customers and building a new generation of its payments platform.
The layoffs are a sign that Payoneer is facing challenges, but they also reflect the company’s commitment to profitability. The new strategy is expected to help Payoneer return to growth in the coming quarters.
Here are some additional details about the layoffs:
- The layoffs will affect employees in all regions where Payoneer operates, but the majority of the affected employees will be based in Israel.
- Payoneer is providing severance packages to all affected employees, as well as outplacement services to help them find new jobs.
- The layoffs are expected to be completed by the end of July 2023.