Zepz, the mum or dad group of UK cash switch firm WorldRemit, has pushed again plans for an IPO owing to reported accounting points and churn in its senior administration staff.
The agency was looking for to go public within the US at a valuation of as much as $6 billion within the second quarter, however has put the plans on ice because it resolves “accounting difficulties” in checking and verifying accounts, in line with reporting from Bloomberg.
Former chief government Breon Corcoran laid out plans in February to chop the workforce and freeze pay for many staff, earlier than then leaving the corporate in June. He’s one in every of 4 execs to carry the CEO title up to now yr, working alongide three completely different chief advertising and marketing officers in the identical timeframe.
A spokesperson for Zepz dismissed the Bloomberg report as “speculative and factually inaccurate”, including that the agency had not formally introduced timelines for an IPO.