New Delhi: Fintech unicorn Zeepz is laying off 420 employees, or 26 percent of its workforce, and has begun notifying those affected, media reports said.
The job cuts will mainly affect Zepz’s customer care and engineering teams, according to CNBC, a London-based money transfer service provider that is a rival to Western Union.
Zeppz said it is implementing “workforce optimization” to account for duplicate roles following SendWave’s merger with World Remit, according to the report.
Zepz and Sendwave are used by more than 11 million users in 150 countries.
Affected workers will be provided with counselling, coaching, career and CV development and help with job applications.
Zepz CEO Mark Lenhardt said the decision “marks an important and necessary step in transforming Zepz from two vast, fragmented teams into one dynamic organization and laying the ambitious foundation towards our long-term strategic direction as a portfolio business.”
“Despite the global economic conditions, the remittance industry has maintained strong growth, and we’ve seen these audiences take great measures to ensure they support their loved ones as spending increases around the world,” he added.
With $292 million in new funding from investors led by hedge fund Farallon Capital, Zepz raised cash at a $5 billion valuation in August 2021.
Jepz was founded in 2010 by British-Somali entrepreneur Ismail Ahmed. He stepped down as CEO in 2018 and remains on the board as non-executive chairman.
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