British digital remittances firm Zepz is cutting dozens of IT jobs and shutting down operations in Poland and Kenya.
Around 200 employees will be affected, according to two redundant staff members who spoke to CNBC anonymously.
London-based Zepz, formerly WorldRemit, had 1,000 employees as of January, with layoffs affecting about 20% of its workforce.
The cuts impact IT roles such as database administration, DevOps, and software engineering, former employees said.
Zepz confirmed the headcount reduction was necessary to “sustainably support the next phase of long-term strategic goals and growth.”
The company did not specify the number of employees affected, stating that the redundancy process is still underway.
“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 stated.
“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, once regarded as one of Britain’s fintech success stories, was founded by Ismail Ahmed, a Somalia-born British entrepreneur who fled during the Somali Civil War.
He currently serves as the company’s non-executive chairman.
The company was rebranded to Zepz after acquiring the money transfer platform Sendwave in 2020, bringing both the Zepz and WorldRemit brands under one parent company.
