On November 16, 2022, Irish fintech unicorn Wayflyer laid off 40% of its global workforce, affecting 200 employees. The company, which provides revenue-based financing to ecommerce businesses, admitted it had scaled too aggressively, growing its headcount fivefold in 2021. This rapid expansion, coupled with a challenging macroeconomic environment that has increased lending risks in the ecommerce sector, led to the significant cuts. The layoffs were part of an effort to strengthen the company's financial position after it achieved unicorn status earlier in the year.
