Israeli digital payments company quickly The company is laying off 30 employees, representing about 4% of its 790-employee workforce. Most of those fired are programmers, according to a source familiar with the details. Those who are fired will be replaced by teams in Eastern Europe, South Africa and elsewhere where labor is cheaper.
The layoffs are also related to last August's $610 million acquisition of Rapidd from Dutch investment firm Prosus of PayU GPO, which provides payment solutions for consumers and small businesses.
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Rapid, founded in 2015, has raised $960 million to date, according to IVC Research. The company has developed a digital payments platform that competes with Stripes and PayPal, and allows associated small, medium and large companies to receive payments through 200 possible channels, compared to PayPal's 70 channels. In this way, the company allows its customers to receive payments and funds from many sources, such as banks, credit card companies, digital wallets and payment companies. According to IVC, Rapidyd has 790 employees, including 345 in Israel. In March 2022, a secondary transaction for Rapid shares reversed the company's valuation at $15 billion.
Rapid declined to comment on this report.
Published by Globes, Israel Business News – en.globes.co.il – on June 18, 2024.
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