After reaching unicorn status in just over two years, the company hit rough water when the tech downturn impacted its business. In November last year, the company said it would cut 200 jobs from its global workforce of 500 – a 40 per cent reduction in staff – with 70 roles expected to go in Dublin. A further 10 roles were to transfer from the US to Dublin, bringing the net loss to 60.
“Given our recent renewal of funding with JP Morgan and Wayflyer’s improved trading performance this year to date, we’ve agreed that time is now,” he said. “As a founder, Jack has made an enormous contribution to the business, including coming up with the original idea for Wayflyer back in 2019. We’ll miss him very much and wish him the best for his next venture.”
Consumer demand for Wayflyer’s services has held up in the United States, where the company has the bulk of its business, and in Australia. However, the UK has seen some fall-off in custom, Mr Corbett said. The company plans to concentrate on existing markets for the next couple of years, rather than try to break new territories.
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