Zepz Raises $267 Million to Expand in Africa and Beyond

Zepz, formerly known as WorldRemit, has secured $267 million in funding to fuel its expansion across core African markets and other regions. The funding round was led by Accel, with participation from Leapfrog, TCV, Coller Capital, and a $20 million investment from the International Financial Corporation (IFC), part of the World Bank Group.

This new investment builds on Zepz’s $292 million Series E round in 2021, which supported its technological growth and market expansion efforts. Zepz, which also operates the Sendwave platform, rebranded from WorldRemit after acquiring Sendwave. Despite the rebrand, Zepz has retained both the WorldRemit and Sendwave brands.

Headquartered in London, Zepz operates across multiple African countries, including South Africa, Uganda, Kenya, Rwanda, Tanzania, and Zimbabwe. With over 11 million users across 150 countries, Zepz reached EBITDA profitability in 2022 and was valued at $5 billion during its last funding round.

This fresh round of financing aims to strengthen Zepz’s position in Africa’s fintech market, enhance financial inclusion, and expand its services to meet the growing demand for seamless cross-border money transfers.