The trend of layoffs persists within the startup industry as Payoneer recently revealed its plans to release 200 employees, accounting for approximately 10% of its total workforce.
The fintech firm's announcement comes after the appointment of a new CEO within the organisation, which occurred four months ago.
The majority of the impact from the decision would be felt in the company's marketing and service departments. Approximately half of Payoneer's workforce, consisting of 2,000 employees, is located in Israel, where a significant portion of the company's research and development activities take place.
Established in 2005, Payoneer operates within the realm of small- and medium-sized business payments and clearing. In June 2021, the company made its debut on Nasdaq after merging with a Special Purpose Acquisition Company (SPAC), valuing the company at $3.3 billion.
During this process, the corporation successfully raised over one billion dollars in funding.
According to a report by IANS, in March, Payoneer announced the appointment of John Caplan as its new full-time CEO. The report highlighted that the new management introduced a fresh strategy that emphasizes targeting large and profitable customers, as well as developing a new generation of the company's payments platform.
Payoneer is projected to achieve a growth rate of approximately 30% by the end of 2023, resulting in revenues ranging between $810 million and $820 million.