Fintech unicorn Zepz is undergoing a workforce reduction, resulting in the layoff of 420 employees, which accounts for 26% of its workforce. The London-based money transfer service provider, seen as a rival to Western Union, is primarily targeting its customer care and engineering teams for the job cuts.
The decision to downsize is attributed to Zepz’s effort to optimize its workforce following the merger of Sendwave and WorldRemit, aiming to eliminate duplicated roles. Zepz and Sendwave collectively serve over 11 million users across 150 countries, showcasing their global reach and customer base.
Affected employees will receive support through counseling, coaching, assistance with career development, CV preparation, and job applications. Mark Lenhard, CEO of Zepz, described the move as a crucial step in the company’s transition towards a unified and dynamic organization, setting ambitious goals for its long-term strategic direction as a portfolio business.