Zepz

History

2023:26% staff cut

On May 16, 2023, it became known that the financial startup Zepz, Western Union's main competitor in the United States, was forced to carry out a restructuring, during which the number of personnel would be reduced by about a quarter.

According to CNBC, the Zepz group, which operates money transfer services WorldRemit and Sendwave, will lay off about 420 employees. As of the beginning of 2023, the company had a staff of approximately 1,600 people. Thus, 26% of workers will fall under the reduction. The reorganization will primarily affect customer service departments and engineering groups. These changes will allow Zepz to move key operations from disparate units to centralized offices.

Zepz group to lay off about 420 employees

It is noted that the company's headquarters is located in London, but there are regional offices in the USA, Canada, Australia, Hong Kong, Poland, Kenya and other countries. Against the backdrop of the current macroeconomic situation, the financial technology sector faced serious difficulties, so Zepz needed the so-called "labor optimization." In addition, Zepz will eliminate duplicate roles that became superfluous after the merger of WorldRemit and Sendwave under a single parent company. It is said that these money transfer services use a total of more than 11 million users in 150 countries around the world.

Mark Lenhard, CEO of Zepz, said the decision marks an "important and necessary step" to streamline the organizational structure, scale the business and succeed in the long term. The dismissed employees will receive monetary compensation, as well as comprehensive support, including advice and assistance in the preparation of resumes. Despite the job cuts, Zepz said it intends to hire staff for the 200 positions it needs to develop projects.^[1]

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