London-based money transfer company Zepz is reportedly laying off around 200 employees, as stated by CNBC.
The organization, formerly known as WorldRemit, is reducing its workforce by approximately 20% of its 1,000 employees, primarily by closing operations in Poland and Kenya. The layoffs are expected to impact IT roles, particularly in database administration, development operations, and software engineering.
In a statement to CNBC, Zepz did not disclose specific figures but mentioned that it is reducing headcount to “sustainably support the next phase of long-term strategic goals and continued growth.”
Zepz was established following WorldRemit’s acquisition of Sendwave. The merged entity serves over 10 million customers across more than 130 countries. In October, the company secured $267 million in a funding round led by Accel.
Zepz has already experienced significant workforce reductions over the past two years; in 2023, it cut its staff of 1,600 by 26%, affecting 420 employees.