London-based money transfer firm Zepz is reportedly laying off about 200 workers, according to a recent update from CNBC.
Zepz – previously doing business as WorldRemit – is slashing approximately 20% of its 1000-member professional team as it closes down units operating in Poland and other jurisdictions, CNBC reported while citing sources familiar with the matter.
The layoffs are expected to impact IT workers in areas such as database administration, development operations as well as software engineering.
In statements shared with news media outlets, Zepz did not reveal the exaxt numbers but said it is slashing headcount in an effort to “sustainably support the next phase of long-term strategic goals and continued growth.”
The Zepz brand has reportedly been launched after WorldRemit acquired Sendwave.
The combined business entity reportedly serves over 10 million consumers in 130+ nations.
In October of last year, the company acquired $267 million via an investment round that had been led by Accel.
The firm has seen its overall headcount decline considerably during the past fewyears. In 2023, the company slashed its workforce of about 1600 by around 26%, impacting 420 professionals at the time.
As noted by its management, Zepz is powering major global payments brands: WorldRemit and Sendwave.
They aim to represent brands that have reportedly disrupted an industry previously dominated by “offline legacy players by taking international money transfers online – making global digital payments fairer, faster, and more flexible.”
Their brands currently send from “50 to 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,400 people globally.”
Zepz says that it is a “remote-first employer, with team members located across six continents.”
On the sending side their brands are “100% digital (cashless), increasing convenience and enhancing security.”
For those receiving money, their brands reportedly aim to offer “a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.”
