Money transfer unicorn Zepz is looking to expand its business through mergers and acquisitions, the company's CEO Mark Lenhard told CNBC.
The firm, which owns the WorldRemit and Sendwave brands, laid off 26% of its global workforce in May, citing a need to consolidate its operations.
LONDON — Zepz, the owner of money transfer firms WorldRemit and Sendwave, is on the hunt for mergers and acquisitions after cutting 26% of its workforce last month, the company's CEO told CNBC. The company enables users to send money from a smartphone or computer to people abroad, who can receive it in their bank account, mobile wallet, or as a mobile airtime top-up.
Lenhard didn't identify which companies Zepz was looking to buy, but said the sharp slump in private fintech valuations made it an attractive time to kick off M&A exploration.The overall value of cross-border payments is forecast to increase from $150 trillion in 2017 to over $250 trillion by 2027, according to the Bank of England. It's a highly competitive industry with various players operating and taking a slice of each transaction a consumer makes.
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