Wayflyer, an Irish unicorn tech company, has announced plans to lay off 200 employees and reduce its global workforce by 40%.
The company confirmed on Wednesday that there will be 70 layoffs in Ireland, where there are currently 220 employees.
With the 200 job cuts, Wayflyer will have about 300 employees overall, a number that was ten months ago.
The company intends to transfer 10 positions from its US headquarters to its Dublin headquarters, resulting in a net loss of about 60 jobs in Ireland.
On the lay-offs, co-founder and CEO of Wayflyer 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.”
He said: “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.
“We have notified the appropriate government officials and will soon enter into a consultation period for roles at risk of redundancy this month. We are providing transition and benefits packages with the goal of making the transition as supportive as possible for impacted teammates,” he added.
Wayflyer’s layoffs are the most recent to affect Dublin’s tech industry, where Stripe and Facebook’s owner, Meta, have already confirmed layoffs.