Zepz, a $5 billion fintech unicorn, is laying off more staff

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

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

“Zepz has entered a redundancy session which can may have an effect on lower than 2% of its international headcount,” a Zepz firm spokesperson mentioned in an unique assertion to CNBC.

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

“As a part of the redundancy bundle, all impacted people might be supplied help through our Worker Help Programme, together with teaching, counselling, and re-employment help.”

“In step with our organisational values, our precedence is making certain all choices referring to redundancies and restructuring are well-communicated and delivered with humanity whereas defending the privateness of these impacted,” the spokesperson added.

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

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

Zepz hasn’t been resistant to the results of slowing momentum within the digital funds house, which has compelled corporations to chop again on prices and, in a number of circumstances, lay off employees.

The corporate reached profitability for the primary time final yr.

Zepz mentioned that, with this in thoughts, its focus is on “innovation and steady enchancment for our customers, delivering significant merchandise that make finance extra handy and accessible to migrant communities.”

“To completely realise our mission to unlock the prosperity of cross-border communities, we generally must make robust choices,” Zepz informed CNBC.

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