Wayflyer is the latest tech employer to announce significant job cuts

Irish tech company Wayflyer has become the latest company to announce significant staff cuts, with 40 per cent job losses worldwide, including 70 in Dublin.

The company confirmed its plans to lay off around 200 employees worldwide. This will bring the total number of employees back to where it was 10 months ago, which was around 300 employees.

Around 70 redundancies are planned in Ireland. The company currently employs 220 people in Ireland. Moving some functions from the US to Dublin means the reduction here is less than for the company as a whole.

The employees were informed of the job cuts on Wednesday.

Aidan Corbett, co-founder and CEO of Wayflyer said, “We’ve been trying to scale our organization very aggressively for the past 15 months and, in hindsight, we’ve tried to do too much too soon.”

“We regret to lose many great colleagues who helped Wayflyer become a leader in revenue-based financing. However, we now face a challenging macroeconomic environment and this change will put the company in a stronger financial position to execute on its plans for 2023 and beyond.”

“We have notified relevant government officials and will begin a consultation phase for positions at risk of layoffs shortly this month. We offer transition and benefit packages with the goal of making the transition as supportive as possible for affected teammates.”

The company had expanded its workforce in the past year. The company billed as a potential Irish unicorn – a start-up valued at €1bn – provides revenue-based financing and marketing analytics for online businesses. In 2021, the company suffered a loss of €22.3 million in its Irish unit.

Staff numbers in Dublin had increased from 15 in 2020.

Founded by CEOs Aidan Corbett and Jack Pierse in September 2019.

In February this year, the company became Ireland’s sixth tech unicorn – a company valued at at least $1 billion – after raising $150 million in funding and the company at $1.6 billion -dollars from investors like JP Morgan.

Earlier this year, Wayflyer announced that it expects to pay up to $2.5 billion to e-commerce companies this year, up from a previous estimate of $1 billion.

The company announced in September that it will enter the German, Swedish, Belgian and Danish markets.

Wayflyer secured a $253 million line of financing from Credit Suisse and $300 million in debt financing from JP Morgan in August following the bank’s equity investment.

The company said it will use the $200 million over the next year to help client companies scale, improve cash flow and increase online retail sales volume.

https://www.independent.ie/business/irish/wayflyer-is-latest-tech-employer-to-announce-significant-job-cuts-42149053.html Wayflyer is the latest tech employer to announce significant job cuts

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button