Wayflyer to cut 70 jobs in Ireland

Wayflyer, an Irish based tech unicorn company has announced to cut 70 jobs in Dublin, Ireland. Moreover, the tech firm has also announced that they will lay off 200 jobs globally.

40% reduction in workforce

Wayflyer is a Revenue-based financing platform having its headquarter in Dublin. They offer funding to ecommerce businesses, including early-stage firms and those looking to scale rapidly. Currently, the company is employing more than 500 people globally. Moreover, 220 of its total headcount is working in Ireland. Recently, the tech unicorn company has announced to expand into four new European markets. However, the company has now informed that they are reducing its workforce locally and globally. Surprisingly, the company is laying off 40 percent of its existing staff. Moreover, the company has also decided to relocate 10 roles from its U.S. office to Ireland. Hence, the aggregate job cuts at Ireland office stands at 60. Currently, they have a strength of 220 employees at its Irish office. The layoff will bring the Wayflyer headcount back to 300 where they were standing ten months ago.

CEO’s statement

“We tried to scale our organization very aggressively over the past 15 months, and in hindsight, we tried to do too much, too soon. We are sorry to be losing many great colleagues, who have helped Wayflyer become a market leader in revenue based finance. However, we are now facing a challenging macroeconomic environment and this change will put the company in a stronger financial position to execute its plans for 2023 and beyond.” Aidan Corbett, co-founder and chief executive stated in a statement. Furthermore, he added that the company has already intimated the government officials regarding the layoffs. Wayflyer will start consultation with the affected employees soon. In addition, he stated that the company will help in transition and will offer benefits packages to support the outgoing employees.

Job cuts in tech companies

Surprisingly, the decision came a couple of months after the company announced that they have successfully raised $253m in debt finance to help it continue its rapid expansion. Previously, the company managed to raise $150m in Series B funding in February this year. However, Wayflyer is the latest among the tech companies to have announced the job cuts. In recent weeks, Twitter, Stripe, Meta and Intercom have all revealed plans to reduce their headcount.

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