NEW DELHI: Money transfer service, Fintech unicorn ZEPZ is laying off 420 employees, or 26%t of its workforce, and has started informing those impacted, as per media reports.

The job cuts reportely  at the London-based money transfer service provider, which is a Western Union rival, will mainly impact Zepz's customer care and engineering teams.

As oper the report, Zepz said that it was conducting "workforce optimisation" to account for roles that had been duplicated as a result of its integration of Sendwave with WorldRemit. More than 11 million users across 150 countries utilise Zepz and Sendwave.

The impacted employees will be offered help via  coaching, counselling career and Resume (CV) development and job applications.

Mark Lenhard, CEO of Zepz SAID, the DECISION represented "an important and necessary step in transitioning from two enormous, segmented teams to one dynamic organisation under Zepz, and laying ambitious foundations towards our long-term strategic direction as a portfolio business."

Even with the current state of the world economy, he continued, "the remittance industry has maintained robust growth, and we've seen this audience go to great lengths to ensure their loved ones are supported as costs rise globally."

Zepz raised financing in August 2021 with USD 292 million in new funding from investors led by hedge fund Farallon Capital at a valuation of $5 billion.

Entrepreneur Ismail Ahmed, a British-Somali, established Zepz in 2010. In 2018, he resigned from his position as CEO, however, he is still the non-executive chairman of the board.

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