PayPal is laying off 70 employees from its 300-member workforce in Israel as part of a global restructuring initiative led by new CEO Enrique Lores. The layoffs will primarily impact the Tel Aviv development center, where the company focuses on developing AI systems for real-time transaction analysis, fraud detection, and user experience monitoring.
This restructuring plan, which aims to cut about 20% of PayPal’s total workforce, will also result in layoffs in other countries, including Ireland, India, and the company’s headquarters in San Jose, California. In trend with industry shifts, PayPal is prioritizing AI integration and restructuring its business into three divisions: product payments, consumer financial services (through Venmo), and cryptocurrency payments.
In light of these changes, PayPal expressed that such decisions, while difficult, are intended to simplify global operations and support long-term growth. The company has committed to providing full support to affected employees during this transition. Additionally, PayPal has shown interest in Israeli tech by recently acquiring Cymbio, a commerce tech company based in Tel Aviv.
