NEW YORK—In what may be a sign that consumers will have less remittance money to send as the result of an impending recession, Payoneer—which specializes in cross-border payments— plans to cut 9% of its employees by the end of Q3, according to a filing with the Securities and Exchange Commission.
Payoneer employed 2,336 people across 36 countries as of Dec. 31, 2022, according to the company’s most recent annual filing with the SEC, meaning the job cuts will affect about 210 employees, Payments Dive reported.
The cost of severance and payroll tax tied to the cuts is expected to amount to $5 million, according to the filing.
$20 Million in Savings
The company expects the cuts to result in an annualized future benefit of about $20 million, according to the filing. Payoneer plans to invest some savings in “future growth initiatives” and continue hiring in areas such as research and development, the filing said, Payments Dive reported.
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