Irish ecommerce funding platform Wayflyer has announced plans to reduce its global workforce by 200, including 70 staff here in Ireland.
The move will bring its headcount back to 300, where it was 10 months ago, prior to the start of the economic downturn and tech sector retrenchment.
10 roles from the US will be relocated to its headquarters in Ireland, meaning the net reduction in staffing here will be around 60.
Wayflyer employs around 220 people in Ireland.
"We tried to scale our organisation very aggressively over the past 15 months, and in hindsight, we tried to do too much, too soon,' said co-founder and chief executive Aidan Corbett.
"We are sorry to be losing many great colleagues, who have helped Wayflyer become a market leader in revenue based finance," Mr Corbett said.
"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," he stated.
Mr Corbett also added that appropriate Government officials have been notified and the business will soon enter into a consultation period with staff whose jobs are at risk.
"We are providing transition and benefits packages with the goal of making the transition as supportive as possible for impacted teammates," he said.
The move comes just two months after the company revealed it had raised $253m in debt finance to help it continue its rapid expansion.
In February it raised $150m in Series B funding, valuing the firm at $1.6 billion.
Wayflyer offers funding to ecommerce businesses, including early-stage firms and those looking to scale rapidly.
It was founded three years ago by Aidan Corbett and Jack Pierse and today has customers across Europe and the US.
Wayflyer is the latest tech firm with operations in Ireland to announce cuts to its workforce.
In recent weeks, Twitter, Stripe, Meta and Intercom have all revealed plans to reduce the numbers they employ here.
