Zepz, formerly known as WorldRemit, a London-based leader in international money transfers, has successfully raised $267 million in a new funding round. The investment was led by Accel, with additional backing from Leapfrog, TCV—investors behind fintech giants Qonto and Celonis—and Coller Capital. The International Financial Corporation (IFC), a World Bank Group member, also pledged an investment of up to $20 million.
This fresh influx of capital follows Zepz’s $292 million Series E round in 2021, shortly after its acquisition of cross-border payments platform Sendwave and its subsequent rebranding. The new funds will help the company broaden its operational footprint, particularly beyond the African market. Although there were talks of an initial public offering (IPO), Zepz has opted to put those plans on hold. Harry Nelis, a partner at Accel, noted that investors are currently not in a rush to enter the public markets.
Zepz: Empowering Cross-Border Transfers
Founded in 2010 by Somali refugee and entrepreneur Ismail Ahmed, Zepz was born from Ahmed’s personal frustration with the high costs of sending money to his family in East Africa. Alongside co-founders Catherine Wines and Richard Igoe, the fintech grew into the UK’s first Black-founded unicorn, hitting a $1 billion valuation. Zepz has since revolutionized cross-border money transfers, offering a convenient and cost-effective alternative to traditional money remittance services.
Zepz operates in over 150 countries, allowing users to send money abroad easily via computers, smartphones, or tablets. With options like bank deposits, cash pickups, mobile airtime top-ups, and mobile money, Zepz has become a trusted service for individuals needing secure, affordable international money transfers.
Expanding Horizons Amid Workforce Adjustments
Headquartered in London, Zepz also has offices in the United States, South Africa, Kenya, Uganda, Rwanda, Tanzania, and Zimbabwe. While the company’s exact current valuation remains undisclosed, it was valued at $5 billion during its 2021 fundraising. Despite achieving full profitability in 2022, Zepz made the difficult decision to reduce its workforce, laying off over 26% of its staff—approximately 420 employees—out of a total workforce of 1,600 in early 2023. This headcount was later further reduced by 30%.
Reflecting on the company’s role in times of crisis, Zepz CEO Mark Lenhard stated, “We saw a spike during COVID, and we see it during any major crisis—whether it’s an earthquake or geopolitical unrest. People send more money to their loved ones in times of need.”
With the newly raised funds, Zepz is well-positioned to continue scaling its operations globally and expand its services to even more regions, making international money transfers faster, more accessible, and affordable for millions worldwide.