- Zepz (WorldRemit and Sendwave) lay off 25% of its workforce, affecting 430 employees due to a difficult macroeconomic environment.
- UK-based remittance company Zepz is looking to optimize its workforce following the merger of Sendwave and WorldRemit.
- The global remittance market continues to thrive, and Zepz stands out as a recognized new player in the sector.
international money transfer company Zepz lays off 430 employees, representing 25 percent of its workforce.
The mass layoffs were confirmed by the London-based company to CNBC arguing “a very difficult macroeconomic environment”.
According to the information that came out this Tuesday, May 16, the employees were warned a day before about the sending of the dismissal letters.
Zepz controls brands such as WorldRemit y Sendwave.
The layoffs, according to the company, especially affect the engineering and customer service teams that Zepz has in different parts of the world, since the idea is to move those operations to more centralized places.
Zepz is headquartered in the UK with offices in USA, Canada, Australia, Hong Kong, Poland and some African countries, among other countries.
According to Zepz, the idea is to “optimize the workforce” because he inherited a duplication of roles after Sendwave’s merger with WorldRemit under a single parent company.
The Zepz market is big. The firm’s data indicates that 12 million users in 145 countries use the two money transfer services it is in charge of. It must be remembered that Sendwave was bought by Zepz in 2020.
Layoffs at the firm began in July 2022, when it got rid of 5 percent of employees.
At the time, Mark Lenhard, CEO of Zepz, said the company made the decision to implement mass layoffs due to the need to modernize its structures, rather than macro difficulties.
Zepz and the remittance market
The global market for remittances has continued to thrive, especially driven by the number of people living and working abroad and sending money back to their home countries.
This financial service plays a crucial role in supporting economies around the world, and companies like Western Union and Zepz have become key players in this competitive landscape.
According to the World Bank, global remittance flows reached a record 690 billion in 2021.
Zepz is a relatively new player in the remittance market, but it quickly gained recognition for its innovative approach.
taking advantage of blockchain Technology, the company offers efficient cross-border payment solutions, focusing on reducing transaction costs.
Laid-off employees will be offered support in the form of advice on how to write their CVs, submit job applications and add interview skills, Zepz said.
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