The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial / Insurance/ Estate Financial service activities, except insurance and pension funding Monetary intermediation 64.19 - Other monetary intermediation
200 jobs Number of planned job losses
Announcement Date
12 February 2025
Employment effect (start)
12 February 2025
Foreseen end date
Description
London-based fintech company Zepz has announced plans to cut about 200 positions worldwide.
The restructuring program will affect mainly IT roles, and includes the closure of business units in Poland and Kenya. The layoffs are part of a cost-cutting initiative. The company attributed the layoffs to technological advancements, including automation and AI, which have reduced the need for certain roles within its IT and operations teams.
This is not the first round of cuts for Zepz. In 2023, the company cut 420 jobs, accounting for 26% of its workforce at the time, followed by an additional 30 job cuts later that year.
Zepz, formerly known as WorldRemit, is a leading global fintech company specializing in digital remittances and international money transfers. The company operates two major brands, WorldRemit and Sendwave, which provide money transfer services. The company has offices in the UK, Germany, Singapore, Australia, Canada, France, UAE, Japan, Poland, Kenya, South Africa, Uganda, Rwanda, Tanzania, Zimbabwe, and Belgium. Zepz employs about 1,000 employees worldwide.
Eurofound (2025), Zepz, Closure in World, factsheet number 202535, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202535.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
