WorldRemit parent names former Bill.com exec Lenhard CEO

Zepz Group, the U.K. 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' chief operating officer, Zepz said in a statement on Thursday, confirming an earlier Bloomberg News report. 

Chris Ratcliffe/Bloomberg

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.

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.

Before Bill.com, Lenhard held positions at JPMorgan Chase and PayPal Holdings.