A NUMBER OF Irish-based employees at global fintech company PayPal are to be made redundant.

The Department of Enterprise confirmed it received notice of proposed collective redundancies from PayPal Europe Services Ltd on Friday 28 August.

The company would not comment on the number of roles it intends to cut. However, a collective redundancy is triggered when the proposed dismissals over a period of 30 days reach 30 roles or more for a company that employs over 300 individuals.

It is understood that one team of around 120, previously based in Dundalk but now working remotely, received an email invitation to a brief meeting this morning where staff were informed of redundancies.

The number and reasoning were not discussed, it is understood.

In a statement, PayPal said: “The proposed staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth.

“Decisions like these are never easy. We recognize the impact they have on our employees and are committed to supporting them through this transition.”

The redundancies come as Stripe and private equity firm Advent dropped its planned $53 billion takeover of the payment systems company.

Sinn Féin TD Ruairí Ó Murchú said he had been contacted by “concerned workers” this morning over the proposed redundancies.

“It is a terrible blow for the workers and their families, particularly at the start of the new school year,” he said, adding that it is “vital” PayPal fully consults with its staff in a meaningful way and provides supports to those affected.

In July last year, the company announced it was creating an additional 100 AI and data science roles at its Dublin offices.