Money transfer provider Zepz is firing 420 employees, the company exclusively disclosed to CNBC, as the fintech industry struggles to survive a challenging financial environment.
The London-based corporation started telling staff members of the job losses on Monday, with managers informing specific employees before wider messages were made. The entire firm had been informed of the change by Tuesday.
With a total head count of roughly 1,600 and ownership of the WorldRemit and Sendwave brands, Zepz, the reductions represent about 26% of its workforce. According to the company, Zepz plans to move its operations from different countries to more concentrated hubs, which will mostly affect its engineering and customer support staff.