Fintech unicorn Zepz to lay off 20% of its global workforce, sources say
LONDON — British digital remittances company Zepz is laying off dozens of IT workers and is in the process of closing down business units in Poland and Kenya.
Roughly 200 staff members will be impacted by the redundancy measures, two employees who were made redundant told CNBC, asking to remain anonymous due to the sensitivity of the matter.
As of January, London-headquartered Zepz — formerly known as WorldRemit — had a global headcount of 1,000 people, meaning the redundancies affect around 20% of its total workforce.
The layoffs affect several IT functions at the company, including database administration, development operations and software engineering, the former employees said.
Zepz confirmed to CNBC that it was reducing headcount in order to «sustainably support the next phase of long-term strategic goals and continued growth.» The company declined to comment on the number of employees impacted by the layoffs, with a spokesperson explaining that the redundancy process was ongoing.
«Following the successful completion of its replatforming efforts, bolstered by advanced automation and AI, Zepz has embarked on a strategic initiative to optimise operations across the organisation,» a Zepz spokesperson told CNBC by email.
«This transformation has reinforced the technology foundation and reduced the need for certain operational and technical capacities, prompting a proposed reduction in roles as part of the overall plan,» the spokesperson added.
Zepz has been touted as one of Britain's fintech darlings. The company was founded by Ismail Ahmed, a Somalia-born British entrepreneur who fled the country during the Somali Civil War. Ahmed today serves as the company's non-executive chairman.
The group was renamed Zepz
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