Zepz, a $5 billion fintech unicorn, is shedding extra workers

Zepz, the cash switch group that owns WorldRemit, made a contemporary spherical of layoffs.

The British fintech unicorn, which is backed by TCV, Accel, Leapfrog and different main enterprise capital funds, instructed CNBC solely that it laid off 30 roles throughout its folks and advertising capabilities.

“Zepz has entered a redundancy consultation which will could affect less than 2% of its global headcount,” a Zepz firm spokesperson mentioned in an unique assertion to CNBC.

“Zepz values the contributions these colleagues have made to our company,” the spokesperson added.

“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,” the spokesperson added.

That follows a separate spherical of layoffs the corporate launched into earlier this 12 months.

In Might, Zepz minimize 26% of its workforce, citing duplication of roles that resulted from its acquisition of Sendwave, one other cash switch service.

Zepz hasn’t been proof against the results of slowing momentum within the digital funds area, which has compelled firms to chop again on prices and, in a number of circumstances, lay off workers.

The corporate reached profitability for the primary time final 12 months.

Zepz mentioned that, with this in thoughts, 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 realise our mission to unlock the prosperity of cross-border communities, we sometimes need to make tough decisions,” Zepz instructed CNBC.

Zepz has lengthy been touted as an IPO candidate within the U.Okay., however its timeline on reaching that aim is at the moment unclear. The enterprise was final valued at $5 billion, making it one of many largest and most precious fintech firms in Europe.