Zepz confirms 200 IT jobs cut amid strategic overhaul

In February 2025, London-based fintech firm Zepz announced significant layoffs as part of a broader redundancy plan. The company revealed it would cut approximately 200 IT positions, reflecting a strategy aimed at realigning its operational structure to better support its long-term objectives and market demands. Amid ongoing restructuring efforts, Zepz also hinted at shutting down business units in key regions, specifically in Kenya and Poland, to streamline its operations. The move is consistent with Zepz's previous cost-cutting initiatives; the company had already laid off 420 employees in 2023 alone, encompassing roughly 26% of its workforce at that time. This pattern indicates a concerted effort by Zepz to navigate through turbulent economic conditions while adapting to changes in the fintech landscape. Lenhard, a spokesperson, emphasized that these layoffs would not impact customer services and reaffirmed the company's commitment to serving migrants with innovative financial solutions. Zepz, founded by Ismail Ahmed—a Somali-born entrepreneur—has been a notable player in the fintech sector, attracting substantial investment and increasing its valuation to $5 billion by 2021. Firm representatives stated that the cuts are critical to enhancing operational efficiency and focusing on strategic priorities. However, the exact number of employees affected remains unclear, as the redundancy process is still ongoing. The spokesperson urged that the company will strive to make the transition as smooth as possible for those impacted. Chevron Corporation, an oil giant from the U.S., has also announced plans to reduce its global workforce by 15 to 20 percent, amounting to a potential 8,000 job losses. Similar to Zepz, Chevron's layoffs stem from a desire to simplify its organizational structure and boost long-term competitiveness. Given the salary and operational costs associated with a substantial workforce, both firms find themselves making tough choices in light of economic exigencies, demonstrating a larger trend of significant workforce reductions across industries. This troubling trend raises questions of job security and economic stability, highlighting the need for companies to adapt quickly in an evolving market landscape.