Zepz, a money transfer company headquartered in London that combines the former WorldRemit and Sendwave brands, is laying off 420 employees.
With about 1,600 employees overall, Zepz’s workforce has been reduced by about 26% as a result of the cuts. In August 2021, WorldRemit acquired Zepz and raised a final USD 292 million in primary financing at a USD 5 billion valuation. Due to reported accounting problems and internal turbulence in its senior management team, the company postponed plans for an IPO in July of last year.
The company was hoping to go public in the US in the second quarter at a valuation of up to USD 6 billion, but it was forced to postpone those plans while it dealt with “accounting difficulties” in checking and verifying accounts.
Read More: Zepz to lay off 26% of workforce
