Advertisement
Fintech unicorn Zepz, which owns the prominent money transfer service WorldRemit, has confirmed a new round of layoffs, affecting 30 roles across its people and marketing functions. The UK-based company, valued at $5 billion, stated that the workforce reduction is part of a redundancy consultation, potentially impacting less than 2% of its global headcount.
Zepz emphasized that the decision was made to address organizational needs, with a spokesperson expressing gratitude for the contributions of the affected colleagues. As part of the redundancy package, the impacted individuals will be offered support through Zepz’s Employee Assistance Programme, including coaching, counseling, and re-employment assistance.
This announcement comes after a previous round of layoffs in May, where Zepz cut 26% of its workforce. At that time, the company attributed the job cuts to role duplications resulting from its acquisition of Sendwave, another money transfer service.
While Zepz reached profitability for the first time last year, it acknowledged the challenges posed by the slowdown in the digital payments space. The fintech firm highlighted its commitment to innovation and continuous improvement to deliver convenient and accessible financial products for migrant communities.
Zepz, with major backing from venture capital funds such as TCV, Accel, and Leapfrog, has been considered an initial public offering (IPO) candidate in the UK. However, the timeline for this goal remains unclear. The company’s focus on innovation and restructuring reflects its determination to adapt to the evolving landscape of the digital payments sector.