Funding Round attributes
Zepz, the London-based international money transfer platform (formerly known as WorldRemit), has raised $267 million in its latest funding round. This round was led by Accel, with further contributions from Leapfrog, TCV, and Coller Capital. The International Financial Corporation (IFC), part of the World Bank Group, has also announced an investment of up to $20 million. This funding marks a significant moment for Zepz as it seeks to expand its cross-border payment services and grow its operations beyond its core markets in Africa.
Founded in 2010 by Somali-born entrepreneur Ismail Ahmed, Zepz was created out of frustration with the high costs of sending money internationally. The new funding is set to fuel Zepz’s efforts to broaden its business reach. They are now looking to expand their operations globally.
The company provides a digital platform that enables people to send money to over 150 countries globally, offering services such as bank deposits, cash pickups, mobile airtime top-ups, and mobile money transfers. Zepz is positioned as a lower-cost and more accessible alternative to traditional money transfer services, which often rely on physical agents and charge high fees.
This latest round of investment follows a Series E funding in 2021, where the company raised $292 million shortly after acquiring the cross-border payment firm Sendwave. At the time, Zepz was valued at $5 billion. Although its current valuation remains undisclosed, Zepz’s CEO, Mark Lenhard, highlighted the company's role in supporting people during challenging times. Lenhard stated, "We certainly saw it during COVID. We’ll see it when there’s an earthquake. We’ll see it when there’s geopolitical unrest in the country. More money will flow in because people get concerned about their families, about their communities, and that’s their time of need."
With the additional $267 million in funding, Zepz is positioned to continue expand their role within the international money transfer sector.
