London-headquartered money transfer outfit Zepz is laying off around 200 employees, according to CNBC.
The firm - formerly called WorldRemit - is axing about 20% of its 1000-strong workforce as it shuts down units in Poland and Kenya, says CNBC, citing sources.
The cuts will hit IT workers in areas including database administration, development operations and software engineering.
In a statement to CNBC, Zepz does not confirm numbers but says it is reducing headcount to "sustainably support the next phase of long-term strategic goals and continued growth".
The Zepz brand was created after WorldRemit acquired Sendwave. The combined entity serves more than 10 million people in more than 130 countries. In October, the firm raised $267 million in a funding round led by Accel.
The company has already seen it headcount shrink substantially over the last two years; in 2023, it cut its workforce of 1600 by 26%, affecting 420 people.