Zepz reportedly axing 420 jobs as firm looks to streamline operations
Global cross-border remittance platform Zepz is reportedly laying off 420 employees, around 26% of its total workforce, as the company looks to streamline its operations.
Zepz is reportedly axing a quarter of its global workforce
The cuts will fall largely on Zepz’s customer care and engineering teams, CNBC reports, with the firm planning to centralise these divisions.
Zepz, which is headquartered in London and has offices across the globe, currently has a headcount of 1,600 staff.
The cuts are reportedly part of what the firm refers to as its “workforce optimisation” plans, removing duplicate roles that have arisen at the company following the combination of Sendwave and WorldRemit.
Zepz CEO Mark Lenhard told CNBC the job cuts are “an important and necessary step in transitioning from two vast, segmented teams to one dynamic organisation under Zepz”.
Lenhard adds that it was a desire to “streamline” the business rather than wider macroeconomic headwinds that led to the cuts.
“Over the last year we have taken a serious look at how to optimise the organisation to continue scaling in a mature fashion that sets up the business for long-term success,” he says.
CNBC reports that despite the cuts, Zepz is still actively looking to fill 200 roles.
