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$5 billion Fintech Zepz looks to take on rivals like PayPal with digital wallet, M&A plans

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Fintech Company Zepz Looks to Compete Against Rivals with New Digital Wallet and M&A Plans

Zepz, the fintech company that recently laid off 26% of its workforce, is looking to compete with rivals like PayPal with the introduction of a new digital wallet and through mergers and acquisitions.

Despite the layoffs, Zepz is confident in the potential of its new digital wallet, which aims to offer a seamless, user-friendly experience for customers. The company intends to differentiate itself from competitors by providing unique features and capabilities that consumers have yet to see in existing digital wallets.

For example, Zepz's digital wallet will allow users to send and receive money internationally at a lower cost than traditional methods. It will also offer a variety of other features, such as the ability to track spending, set budgets, and invest money.

In addition to its new digital wallet, Zepz is also looking to expand its business through mergers and acquisitions. The company believes that M&A is a key strategic move that will allow it to acquire new customers, technologies, and expertise.

By acquiring other companies, Zepz will be able to offer a wider range of financial services to its customers. This will help the company to compete with larger rivals like PayPal and to grow its market share.

Zepz's CEO, Mark Lenhard, has said that the company is "open to any and all opportunities" when it comes to M&A. He has also said that Zepz is looking for companies that have "strong technology, a good team, and a clear vision for the future."

Zepz's move into M&A is a sign of the growing consolidation in the fintech industry. As the industry becomes more competitive, companies are increasingly looking to acquire other businesses in order to grow their market share and offer a wider range of services.

Zepz's new digital wallet and its plans for M&A are ambitious moves that could help the company to compete with larger rivals and to grow its business. However, it remains to be seen whether Zepz will be able to execute on its plans and to achieve its goals.

Article First Published at: https://www.cnbc.com/2023/06/15/fintech-firm-zepz-plans-ma-new-digital-wallet-after-layoffs.html

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