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.
RELATED ARTICLES
Payoneer dumped porn customers on way to Nasdaq
Payoneer teams with eBay on marketplace payments
Payoneer set for Nasdaq listing as SPAC approves merger
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.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
