Irish tech unicorn Wayflyer is to cut 70 jobs in Dublin, while 200 jobs are to be cut from the company's global workforce.
Revenue-based financing platform Wayflyer has its Dublin headquarters on Baggot Street Lower in the city centre and currently employs around 220 people in Ireland. It announced on Wednesday that 70 jobs in Ireland will be cut.
The start-up employs around 500 people globally, meaning 40% of staff will lose their jobs. The company has offices in the US and 10 roles will be relocated from the States to the headquarters in Dublin.
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In February, Wayflyer announced it had become the sixth home-grown Irish tech unicorn after raising $150 million from investors at a $1.6 billion valuation. The company was set up in 2019 by founders Aidan Corbett and Jack Pierse, and in recent months it saw significant expansion in recent months with its headcount growing from 40 employees to 250 last year.
Speaking about the announced job cuts at Wayflyer, co-founder and chief executive Aidan Corbett said: "We tried to scale our organisation 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."
He added: "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.” Wayflyer said it had notified the appropriate Government officials of its plans.
A consultation period for roles at risk of redundancy is expected to begin this month.
In recent weeks other tech companies such as Meta, Twitter, Stripe, Amazon and Intercom have also seen jobs losses announced here in Ireland as an economic downturn hits the sector.
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