Nayax cuts 6% of workforce in first major layoffs despite revenue surge
The Israeli fintech trims 70 jobs despite $328M annual revenue and record profits.
Israeli fintech company Nayax will lay off 70 employees, 55 of them in Israel. This is the first major round of layoffs for Nayax, which is dual-listed in New York and Tel Aviv with a market value of around 6 billion shekels (approximately $1.79 billion).
According to its latest financial report, Nayax operates in 11 locations worldwide and employs 1,100 people, about half of whom are based in Israel. The layoffs come despite a 60% jump 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.
Founded in 2005, Nayax develops and sells digital payment and management solutions, mainly for automatic self-service points of sale. It is led by CEO Yair Nechmad, who holds 23% of the company’s shares, alongside his brother Amir, who owns 19%.
Nayax’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).
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.
Nayax stated: “This decision stems from the need to streamline the company’s structure following its expansion in recent years, including acquisitions that created overlaps in certain roles. This is part of our ongoing commitment to responsible expense management and maintaining an efficient operational structure.”
