Fintech unicorn Zepz is implementing a workforce reduction and is going to lay off 26% per cent of its workforce. As per the media sources, the job cuts will majorly happen in its customer care and engineering teams, affecting 420 roles.
The decision came after the Fintech firm decided to undertake “workforce optimisation” to address duplicated roles resulting from its merger of Sendwave and WorldRemit. Additionally, the company has also started informing the affected employees about the news.
Mark Lenhard, CEO, Zepz, described the decision as a crucial and essential measure in the company’s transition from two separate and extensive teams to a unified and dynamic organisation under Zepz. He also emphasised how this move will set the ambitious groundwork for their long-term strategic direction as a portfolio business.
Zepz and Sendwave collectively serve over 11 million users spanning 150 countries. In light of the situation, the affected employees will be provided with assistance in the form of counselling, coaching, career development, CV guidance, and support with job applications.
In August 2021, Zepz secured funding at a valuation of $5 billion, raising $292 million from a group of investors led by Farallon Capital, a hedge fund. The company was established in 2010 by Ismail Ahmed, a British-Somalian entrepreneur. Although Ahmed stepped down as CEO in 2018, he continues to serve as the non-executive chairman of the board.
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