Pagaya Technologies, a financial technology company, will reduce jobs to nearly 20 percent of its employees across its offices in the United States and Israel.
Pagaya shared the information with the affected employees by Tuesday. The company will incur a one-time charge of $4 million due to severance payouts, most of which will be accounted for in the first quarter.
Pagaya, founded in 2016, has over 600 employees.
Pagaya said the job cuts will bring about $30 million in savings annually, beginning in 2023 and help it achieve its growth objectives in the near- to medium term.