Credit fintech Pagaya laid off 100 employees, mostly based in Israel, according to CTech. That amounts to 25% of its Israel-based workforce and about 18% of its global workforce. The layoffs follow a round last year that resulted in 140 employees being laid off. Most of the firm's Israeli workforce focuses on research and development, CTech reported. Pagaya's first-quarter filing showed revenues of $245.2 million, a 30% year-over-year increase. But it also recorded a loss of $21.2 million, and sources close to the company told CTech the current cuts were meant to more quickly achieve profitability and positive cash flow. In July, Pagaya entered an agreement to purchase Theorem Technology, a consumer credit funds manager that oversees more than $1.7 billion for endowments, foundations, sovereign wealth funds, pensions, healthcare organizations, insurance companies and family offices globally.