PayPal is preparing to lay off dozens of employees at its development center in Tel Aviv as part of a global round of job cuts, Calcalist reported.
The company’s Israeli development center employs about 200 to 250 people, most of them data scientists and software engineers. The teams work on security systems as well as core components of PayPal’s user experience and mobile applications.
PayPal’s Israel operation is considered one of the company’s key technology centers, especially in cybersecurity and risk management. It was built largely through the acquisition of Israeli startups, led by Fraud Sciences, which PayPal bought in 2008 for about $169 million.
The Israeli center develops artificial intelligence systems used to analyze billions of transactions in real time, detect fraud and prevent money laundering worldwide.
“Israel remains an important market for the company, and we will continue to invest here in the coming years,” PayPal said.
The reported cuts come amid a continuing wave of layoffs in Israel’s technology sector. Other companies that have announced layoffs or are preparing for them include Meta, Wix, Lightricks, BigID and Intuit.