Payoneer joins digital payments company Stripe, buy now, pay later provider Affirm, card issuing fintech Marqeta and recurring payments fintech GoCardless in announcing a round of job cuts this year. 

Payoneer CFO Bea Ordonez had suggested job cuts were coming during the company’s first-quarter earnings conference call in May, when she said Payoneer was considering “further headcount efficiencies.” Payoneer was already in the midst of a company-wide hiring pause, which was supposed to save $5 million this year.

Despite that, company executives said they were still scouting for acquisition opportunities. During the earnings call, CEO John Caplan told analysts, “We believe M&A will play a meaningful role in our growth strategy and are actively evaluating opportunities.”

Caplan called out areas the company would look to make investments in, including accounts payable, accounts receivable, lending solutions and high growth markets like Latin America. 

Payoneer did not respond to requests for comment.

By James Pothen on July 13, 2023
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