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Fintech Unicorn Zepz, Valued At $5 Billion, Is Downsizing Its Staff.

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Fintech Unicorn Zepz, Valued At $5 Billion, Is Downsizing Its Staff.

(CTN News) – Zepz, the company that owns WorldRemit, a money transfer group, recently implemented a new wave of job cuts. The British fintech unicorn, which has received support from TCV, Accel, Leapfrog, and other prominent venture capital funds, informed that it has laid off 30 employees in its people and marketing departments.

In an exclusive statement, a spokesperson for Zepz stated that the company is currently undergoing a redundancy consultation process, which may impact less than 2% of its global workforce.

The spokesperson also expressed appreciation for the contributions made by the affected colleagues.

Our Employee Assistance Programme will provide support to all affected individuals as part of the redundancy package. This includes coaching, counseling, and re-employment support.

Our organizational values prioritize clear communication and humane delivery of decisions related to redundancies and restructuring while maintaining the privacy of those impacted.

This latest round of layoffs follows a previous one earlier this year, where 26% of our workforce was cut due to role duplication resulting from our acquisition of Sendwave.

The digital payments industry’s slowing momentum has affected us as well, leading to cost-cutting measures and staff layoffs in some cases.

Last year marked a significant milestone for the company as it achieved profitability for the first time. Zepz emphasizes its commitment to innovation and continuous improvement, aiming to provide meaningful products that enhance the convenience and accessibility of finance for migrant communities.

In order to fully accomplish its mission of unlocking prosperity for cross-border communities, Zepz acknowledges the necessity of making difficult decisions.

While Zepz has been considered a potential IPO candidate in the U.K., the specific timeline for this goal remains uncertain. With a valuation of $5 billion, Zepz stands as one of Europe’s largest and most valuable fintech companies.

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