FinanceGB

Zepz Layoffs

May 2023

Zepz announced a layoff affecting 420 employees (26% of its workforce) in May 2023. The company operates in the Finance sector.

People Affected

420

Percentage

26%

Announced Date

May 16, 2023

About

Fintech company Zepz, owner of the money transfer brands WorldRemit and Sendwave, is laying off 420 employees, which represents about 26% of its roughly 1,600-person workforce. The London-based firm announced the cuts this week, citing a "workforce optimization" plan to eliminate duplicated roles following the integration of Sendwave and WorldRemit under the single Zepz parent company. The layoffs primarily affect customer care and engineering teams as the company centralizes these operations. CEO Mark Lenhard stated the move is a strategic step to streamline the organization for long-term growth, emphasizing it is driven by structural needs rather than immediate macroeconomic pressures. This marks the second round of layoffs at Zepz in under a year.