Fintech company Payoneer Global (Nasdaq: PAYO) is to begin a round of layoffs. At this stage it is not yet known how many employees will lose their jobs but it is expected to be no more than 10%, but will encompass dozens of employees. At the end of 2022, Payoneer had 2,336 employees in 36 countries, with the largest number (about 1,200) in Israel. The company's workforce grew by 25% in 2022.
Payoneer has developed a payments platform for suppliers and service providers. The company is traded on Nasdaq with a market cap of about $1.7 billion after completing a SPAC merger exactly two years ago at a company valuation of $3.3 billion, during the tech boom in 2021.
Payoneer said, "Payoneer serves millions of small and medium businesses around the world and allows them to operate globally. Like any responsible company, Payoneer examines ways of making the organization more focused. In addition, we are hiring dozens of developers and product managers in Israel to build our financial cloud."
In the first quarter of 2023, Payoneer reported revenue of $192 million, up 40% from the corresponding quarter of 2022. Net profit shrank 61% to $7.9 million.
Payoneer was founded in 2005 by Yuval Tal and Yaniv Chechik. Last year John Caplan was appointed co-CEO alongside Scott Galit who led the SPAC merger in 2021.
Published by Globes, Israel business news - en.globes.co.il - on June 26, 2023.
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