FinanceIL

Pagaya Layoffs

January 2023

Pagaya announced a layoff affecting 140 employees (20% of its workforce) in January 2023. The company operates in the Finance sector.

People Affected

140

Percentage

20%

Announced Date

Jan 18, 2023

About

Pagaya, an Israeli-American fintech company, laid off 140 employees in January 2023, representing 20% of its total workforce. Approximately 110 of the affected positions were based in Israel, with the remainder in the U.S. The company stated the restructuring, expected to yield $30 million in annual savings, was a difficult but necessary decision to maintain agility and focus on growth. This move followed a dramatic decline in Pagaya's market valuation, which had peaked at around $20 billion after its SPAC merger in mid-2022 before plummeting over 95% to approximately $640 million, a stark reversal for the firm that was briefly Israel's highest-valued company.