Fintech company Payoneer to lay off 200 employees: Report

NEW DELHI: Fintech company Payoneer is laying off 200 employees, about 10 per cent of its workforce, four months after appointing a new CEO, the media reported.

The company, which has a market cap of around $1.7 billion and also has a presence in India, is mainly laying off employees from the marketing and service departments this week, reports technology news website CTech.

Nearly half of Payoneer’s approximately 2,000 employees are based in Israel, where most of its R&D takes place. The company said in a statement that like any responsible company, it examines measures to make the “organisation more accurate”.

“In addition, we are recruiting dozens of developers and product managers in Israel to build our financial cloud,” it added.

Established in 2005, Payoneer operates in the payments and clearing market for small and medium-sized businesses. It went public through a merger with a SPAC on Nasdaq at a value of $3.3 billion in June 2021. The company raised over a billion dollars in the process.

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.

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