Zepz Announces Layoffs at Money Transfer Group
Zepz, the money transfer group that owns WorldRemit, recently implemented a round of layoffs. The British fintech unicorn, backed by TCV, Accel, Leapfrog, and other major venture capital funds, informed exclusively that it has cut 30 positions across its people and marketing departments.
Redundancy Consultation and Support
A spokesperson from Zepz stated as reported by CNBC, “Zepz has entered a redundancy consultation which could affect less than 2% of its global headcount.” The company values the contributions of the affected colleagues and will offer them support through its Employee Assistance Programme. This support includes coaching, counseling, and re-employment assistance.
Previous Zepz Layoffs and Challenges in the Digital Payments Space
This is not the first time Zepz has conducted layoffs. In May, the company reduced its workforce by 26% due to role duplication resulting from the acquisition of Sendwave, another money transfer service. Zepz, like many other companies in the digital payments industry, has faced challenges due to slowing momentum. This has led to cost-cutting measures and staff layoffs.
Focus on Innovation and Mission
Zepz reached profitability for the first time last year. The company now aims to focus on innovation and continuous improvement to provide convenient and accessible financial products to migrant communities. Zepz acknowledges that tough decisions are sometimes necessary to fulfill its mission of unlocking the prosperity of cross-border communities.
Future Plans
Zepz has been considered a potential IPO candidate in the U.K. However, the timeline for this goal remains uncertain. With a valuation of $5 billion, Zepz is currently one of Europe’s largest and most valuable fintech companies.
