Israeli fintech company and unicorn Rapyd is laying off 30 of its employees in Israel, Ynet’s sister outlet Calcalist learned on Tuesday. The company employs around 800 workers in the country. The layoffs will affect various departments within the company, with all laid-off positions being relocated to Eastern Europe and South America to reduce costs.
In August 2023, the company acquired PayU GPO from Dutch investment firm Prosus for $610 million. Following the acquisition, Rapyd was able to execute transactions in over 100 countries across the globe using more than 1,200 payment methods.
Rapyd also holds financial operation licenses in 41 countries, boasts a diverse range of business partners, and has a global team of approximately 1,700 employees spread across 22 offices worldwide, representing more than 50 nationalities. The company serves over 250,000 clients globally, including prominent enterprise customers such as Adidas, Google, Ikea, Meta, Netflix, Rappi and Uber.
Rapyd refused to comment when asked by Calcalist.
Israel's financial technology industry saw a massive increase back in 2019, with investment in the market doubling year-on-year to a record $1.8 billion. Funding continued into 2020 and reached a value of $351 million by May when the COVID-19 pandemic affected the global market.