Emerging payments company Zepto last night confirmed that it has made 20 per cent of its workforce redundant following a strategic review of its operations. A company spokesperson said that 19 roles had been cut from the group this week, including positions in the technology and commercial teams. “Zepto has undertaken a restructuring across the business to ensure we have the right roles in place to support our strategy as a scaling financial infrastructure player,” the spokesperson said. “This was a tough decision for us to make as some of our valued team members have been impacted.  “We thank them for their contributions and are supporting them through this process.” The announcement comes less than a month after Zepto landed a milestone deal to provide access to the New Payments Platform for Woolworth’s financial services arm, Wpay. Under the potentially lucrative arrangement Zepto will provide a pull payments solution for Wpay by leveraging the NPP’s PayTo service. Very little is publicly known about the financial performance of the Zepto business because the company, which was granted an Australian Financial Services Licence earlier this year, has never lodged financial accounts with the Australian Securities and Investments Commission. However, a decision to end a service relationship with controversial crypto exchange Binance earlier this year appears to have punched a big hole in Zepto’s revenue streams. According to posts on Binance’s Australian website, Zepto terminated service provision to the crypto exchange abruptly on 18 May under pressure from its banking partner, CUSCAL.