UK fintech Zepz to lay off around 200 employees, report say

Zepz, the UK-based cross-border remittance platform, is reportedly laying off around 200 employees as part of a restructuring process to support its long-term growth and strategic goals.

Zepz, the UK-based global cross-border remittance platform, is reportedly laying off approximately 200 employees, according to a CNBC report citing two staff members affected by the decision.

In a statement to FinTech Futures, a Zepz spokesperson confirmed that as part of a restructuring process aimed at “refining the team structure,” the company is making redundancies to “sustainably support the next phase of long-term strategic goals and continued growth.”

The layoffs are said to affect various IT roles, including software engineering, database administration, and development operations.

The spokesperson further explained that the company’s successful replatforming efforts, bolstered by advanced automation and AI, have “reinforced the technology foundation and reduced the need for certain operational and technical capacities.”

Additionally, CNBC reports that an internal memo from Zepz CEO Mark Lenhard, dated January, revealed plans to close the company’s Kenya and Poland operations.

This news comes after Zepz secured a $267 million Series F equity round last October, which Lenhard stated would help the company direct more capital towards growth and innovation. The company previously laid off 420 employees in 2023 as part of workforce optimization efforts.