WorldRemit Parent Names Lenhard, Ex-Bill.com Executive, as CEO

Ivan Levingston, Bloomberg News

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(Bloomberg) -- Zepz Group, the UK financial technology startup, has named Mark Lenhard as its new chief executive officer, replacing Breon Corcoran.

Lenhard, 44, joins the payments company, which owns the WorldRemit and Sendwave brands, after previously serving as Bill.com Holdings Inc.’s chief operating officer, Zepz said in a statement on Thursday, confirming an earlier Bloomberg News report.

Zepz is working to stem its losses and announced cost-cutting measures earlier this year including plans to eliminate about 5% of the workforce, freeze pay and slash the marketing budget. Lenhard joins after a series of executive departures, including the chief technology officer and chief financial officer, who left since December.

Read More: UK’s $5 Billion Fintech Zepz Struggled With Accounting, Churn

Lenhard said the company achieved profitability this year, though he declined to elaborate, and said he sees an opportunity to continue building out the money-transfer business.

“The important thing is one, we’re profitable, but two, we’re really focused on growth within the organization,” he said. “We’ve barely scratched the surface of this industry.”

Zepz was valued at $5 billion in a fundraising round last year. The company had been planning for a potential initial public offering as soon as the second quarter of this year, Bloomberg reported in February. However Lenhard said that the company doesn’t immediately need financing and isn’t preoccupied by an IPO.

Prior to Bill.com, Lenhard held positions at JPMorgan Chase & Co. and PayPal Holdings Inc.