Zepz, the parent company of WorldRemit, has carried out a new round of job cuts. The UK-based fintech unicorn backed by significant venture capital funds like TCV, Accel, and Leapfrog, has announced the termination of 30 roles within its marketing and human resources departments.
A Zepz company spokesperson said;
Zepz has entered a redundancy consultation which will could affect less than 2% of its global headcount.
Zepz values the contributions these colleagues have made to our company.
As part of the redundancy package, all impacted individuals will be offered support via our Employee Assistance Programme, including coaching, counselling, and re-employment support.
In line with our organisational values, our priority is ensuring all decisions relating to redundancies and restructuring are well-communicated and delivered with humanity while protecting the privacy of those impacted.
That follows a separate round of layoffs the company embarked on earlier this year.
In May, the company cut 26% of its workforce, citing duplication of roles that resulted from its acquisition of Sendwave, another money transfer service.
Zepz hasn’t been immune to the effects of slowing momentum in the digital payments space, which has forced companies to cut back on costs and, in several cases, lay off staff.
The company reached profitability for the first time last year.
Zepz said that, with this in mind, its focus is on “innovation and continuous improvement for our users, delivering meaningful products that make finance more convenient and accessible to migrant communities.”
To fully realize our mission to unlock the prosperity of cross-border communities, we sometimes need to make tough decisions.
Zepz
Zepz has long been touted as an IPO candidate in the U.K., but its timeline on reaching that goal is currently unclear. The business was last valued at $5 billion, making it one of the largest and most valuable fintech companies in Europe.
