Zepz, a fintech unicorn with a valuation of $5 billion, has recently implemented a new round of workforce reductions. The financial technology group, known for its ownership of WorldRemit and backed by major venture capital firms such as TCV, Accel, and Leapfrog, confirmed to CNBC that it has laid off 30 positions in its people and marketing departments.
According to an exclusive statement to CNBC from a Zepz company spokesperson, the layoffs are part of a redundancy consultation process that may impact less than 2% of the company’s global workforce. The spokesperson expressed appreciation for the contributions of the affected colleagues and emphasized that Zepz is committed to supporting them through its Employee Assistance Programme, offering services like coaching, counseling, and re-employment assistance.
The spokesperson further highlighted Zepz’s dedication to transparent communication and humane delivery of decisions related to redundancies and restructuring, while safeguarding the privacy of those affected. This round of layoffs comes after Zepz reduced its workforce by 26% earlier in the year, citing role duplication brought about by the company’s acquisition of Sendwave, another money transfer service.
Despite facing challenges due to the slowdown in the digital payments sector, Zepz, which achieved profitability for the first time last year, remains focused on innovation and continuous improvement for its users. The company aims to deliver products that enhance the convenience and accessibility of finance for migrant communities. Zepz acknowledged the necessity of making tough decisions to fulfill its mission of unlocking prosperity for cross-border communities.
While Zepz has been a long-discussed initial public offering (IPO) candidate in the U.K., the timeline for reaching this goal remains uncertain. The company was last valued at $5 billion, solidifying its position as one of the largest and most valuable fintech companies in Europe.
