Payoneer to layoff 10% workforce, four months after appointing new CEO

The layoffs wave among startups continues. Payoneer has announced that it will let go of 200 employees, about 10% of its workforce.

The fintech company's announcement comes four months after appointing a new CEO in the company.

The decision would mostly impact positions in the company's marketing and service areas.

Israel, where most of Payoneer's R&D is conducted, is home to about half of the company's 2,000 employees.

Payoneer, a company that was founded in 2005, serves the small- and medium-sized business payments and clearing sector. In June 2021, it went public on Nasdaq through a merger with a SPAC at a value of $3.3 billion. Over a billion dollars were raised by the corporation during this procedure.

In March, the company announced that John Caplan will become the new full-time CEO. “The new management announced a new strategy which would focus on large and profitable customers and building a new generation of its payments platform,” the report noted, IANS reported.

Payoneer is expected to finish 2023 with a growth rate of about 30 per cent, bringing revenues of $810-820 million, as per ET NOW.