Estonian Yolo Group plans to lay off 280 employees

Estonian Yolo Group, which operates in the gaming, fintech, and blockchain industries, plans to lay off 280 employees at its subsidiaries. The layoffs will mainly affect Heathmont, which currently has 576 employees.

According to Maarja Pärt, a member of the Yolo Group's board of directors, this is a necessary step, as fierce competition has forced the company to decide to operate exclusively in regulated markets.

Yolo Group is an IT company operating in the fields of online gaming, fintech, blockchain, and venture capital. Yolo Group was established in Tallinn in 2014 by Tim Heath. Originally called Coingaming Group, it focused on cryptocurrency-based games. In 2021, the company changed its name to Yolo Group to reflect its broader range of operations beyond gaming. The company is headquartered in Estonia but has offices in Malta, the UK, Spain, Brazil, Australia, and other countries.

Heathmont is an Estonian company that provides data hosting and processing services, computer programming, and web development. The company is a subsidiary of Yolo Group. Heathmont was founded in 2004.