Payoneer to cut staff by 10% after CEO appointment
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Payoneer recently announced its plans to discharge 200 employees or around 10% of its overall workforce, continuing the trend of layoffs within the startup sector.
The news from the fintech company comes four months after the organization’s new CEO was chosen.
The marketing and service areas of the business would be most affected by the choice. 2,000 people make up Payoneer’s staff, which is located in Israel where the majority of the business’s R&D activities are conducted. Israel is also home to around half of Payoneer’s personnel.
Payoneer is a small- and medium-sized business payment and clearing company that was founded in 2005. After combining with a Special Purpose Acquisition Company (SPAC) and being valued at $3.3 billion, the business made its Nasdaq debut in June 2021.
The company was successful in raising nearly $1 billion in finance during this procedure.
IANS reported that Payoneer announced John Caplan’s hiring as its new full-time CEO in March. According to the article, the company’s new management has implemented a new strategy that emphasizes attracting high-value clients and building a new generation of its payments platform.
By the end of 2023, Payoneer is anticipated to expand at a rate of about 30%, with revenues between $810 million and $820 million.
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