Four months after naming a new CEO, the fintech business Payoneer is reportedly firing 200 people, or around 10% of its workforce.
According to the technology news website CTech, the company, which has a market worth roughly $1.7 billion and is also present in India, is mostly firing staff members from the marketing and service divisions this week.
Payoneer will Fire Workers
Israel, where most of Payoneer’s R&D is conducted, is home to about half of the company’s 2,000 employees. According to a statement from the business, it investigates ways to make the “organization more accurate” as any ethical business would do.
To build our financial cloud, we are also hiring dozens of developers and product managers in Israel, it continued.
- CTech reports company sacks marketing and service staff.
- Israel’s Payoneer R&D investigates ethical organization accuracy.
- Payoneer merges with SPAC, raising $3.3 billion in Nasdaq public offering.
Payoneer, a company that was founded in 2005, serves the small- and medium-sized business payments and clearing sector. A SPAC merged with it in June 2021, making it a $3.3 billion company on Nasdaq. During this process, the corporation raised over a billion dollars.
John Caplan will take over as the new full-time CEO, the business announced in March. According to the report, the company’s new management “announced a new strategy that would focus on large and profitable customers and building a new generation of its payments platform.”
With a growth rate of roughly 30%, Payoneer is predicted to end 2023 with $810–820 million in sales.
