Ismail ahmed, Moroccan singer

New Delhi, May 17 Fintech unicorn Zepz is laying off 420 employees, or 26 per cent of its workforce, and has started informing those impacted, the media reported.According to CNBC, the job cuts at the London-based money transfer service provider, which is a Western Union rival, will mainly impact Zepz's customer care and engineering teams.Zepz said that it was implementing "workforce optimisation" to account for roles that had been duplicated following its combination of Sendwave with WorldRemit, according to the report.Zepz and Sendwave are being used by more than 11 million users across 150 countries.The impacted employees will be offered help via counselling, coaching, career and CV development and job applications.The decision marked "an important and necessary step in transitioning from two vast, segmented teams to one dynamic organisation under Zepz, and laying ambitious foundations towards our long-term strategic direction as a portfolio business", said Mark Lenhard, Zepz CEO."The remittance industry has maintained robust growth despite global economic conditions, and we've seen this audience take great measures to ensure their loved ones are supported as costs rise around the world," he added.Zepz raised cash in August 2021 at a $5 billion valuation, with $292 million of new funding from investors led by hedge fund Farallon Capital.Zepz was founded by British-Somalian entrepreneur Ismail Ahmed in 2010. He stepped down as CEO in 2018, and remains on the board as non-executive chairman.na/ksk/Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Ismail AhmedFOLLOW

Ismail ahmed, Latest News

Technology :Money transfer service Zepz to lay off 420 employees

New Delhi, May 17 Fintech unicorn Zepz is laying off 420 employees, or 26 per cent of its ... ...