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Zepz delays IPO plans amid reports of accounting and management issues

Zepz delays IPO plans amid reports of accounting and management issues

Zepz, the parent group of UK money transfer company WorldRemit, has pushed back plans for an IPO owing to reported accounting issues and churn in its senior management team.

WorldRemit raised $292 million in primary financing in August at a $5 billion valuation and changed its name to Zepz.

The firm was seeking to go public in the US at a valuation of up to $6 billion in the second quarter, but has put the plans on ice as it resolves "accounting difficulties" in checking and verifying accounts, according to reporting from Bloomberg.

Former chief executive Breon Corcoran laid out plans in February to cut the workforce and freeze pay for most employees, before then leaving the company in June. He is one of four execs to hold the CEO title in the past year, working alongide three different chief marketing officers in the same timeframe.

A spokesperson for Zepz dismissed the Bloomberg report as "speculative and factually inaccurate”, adding that the firm had not formally announced timelines for an IPO.

Comments: (1)

A Finextra member
A Finextra member 14 July, 2022, 11:46Be the first to give this comment the thumbs up 0 likes

Is the four CEOs in one year factually inaccurate? If not, there is definitely something wrong within the company.