Nayax to Lay Off 6% of Workforce, Streamlining Structure Amid Expansion

Fintech company Nayax is laying off 6% of its workforce, around 70 employees, including 55 in Israel. The layoffs are due to the need to streamline the company's structure after recent expansions and acquisitions, which created overlapping positions. Nayax provides cashless payment solutions and has a market cap of $1.86 billion, with revenue growing 26.7% to $81.1 million in Q1 2025.

Israeli fintech company Nayax has announced plans to lay off 70 employees, including 55 in Israel, representing approximately 6% of its workforce. This is the first major round of layoffs for Nayax, which operates in 11 locations worldwide and employs 1,100 people, about half of whom are based in Israel [1].

The layoffs come despite a 60% increase in Nayax shares since the beginning of the year on the Tel Aviv Stock Exchange, compared to a 28% increase in the Tel Aviv 125 index, which includes Nayax [1]. The company's revenue in 2024 was 1.1 billion shekels ($328 million), up from 850 million shekels ($254 million) in 2023. The company's annual net loss narrowed to 20.5 million shekels ($6.1 million) from 58 million shekels ($17.3 million) the previous year. In the first quarter of 2025, Nayax reported record quarterly profits of 26 million shekels ($7.8 million) [1].

Nayax's growth has come partly through acquisitions. In July 2021, it acquired Weezmo; in January 2022, it bought On Track Innovations. In April 2024, it acquired Roseman, which specializes in gas station management systems, and in May 2024, it acquired Brazil's VMtechnologia, which also operates in the self-service sector [1].

The layoffs are part of Nayax's ongoing commitment to responsible expense management and maintaining an efficient operational structure following its recent expansions and acquisitions [1].

References:
[1] https://www.calcalistech.com/ctechnews/article/bjzblekrel
[2] https://www.quiverquant.com/news/Netcapital+Inc.+Announces+%245+Million+Registered+Direct+Offering+with+Potential+for+Additional+%244.9+Million+from+Short-Term+Warrants