Zepz to Lay Off More Staff

KEYPOINTS:

• Zepz, a $5 billion fintech unicorn backed by TCV, Accel, Leapfrog, and other major venture capital funds, has laid off 30 roles. 
• Zepz has already cut 26% of its workforce in May.
• The business was valued at $5 billion, becoming one of Europe’s largest and most valuable fintech companies.

Zepz, known in providing digital payment solution in the financial industry and owner of WorldRemit, confirmed another round of layoffs to CNBC. In May 2023, it had cut 26% of its workforce.

“Zepz has entered a redundancy consultation which will could affect less than 2% of its global headcount,” a Zepz company spokesperson said in an exclusive statement to CNBC.

According to the source, there are about 30 roles across its people, and marketing functions have been cut this month. Back in May, the company cited “duplication of roles” resulting from acquiring Sendwave, another money transfer service. 

The effects of slow momentum in the digital payments space might have hit Zepz. Like other companies, it was forced to cut back on costs. Usually, laying off staff is an option.

Zepz has been founded in 2010, focusing on providing digital payment solutions. The company boasts it can provide a service that ensures sending money securely and quickly to over 130 countries. Sending money options include bank deposit, cash collection, mobile airtime top-up, and mobile money.