Zepz Raises USD 267 M to Fuel Expansion in African Markets

Zepz, the global money transfer service formerly WorldRemit, has raised USD 267 M from new and existing investors to drive its expansion across African markets and beyond. The funding round was led by Accel, with participation from Leapfrog Investments and TCV, while the International Finance Corporation (IFC) pledged an investment of up to USD 20 M.

After acquiring cross-border payment firm Sendwave, Zepz was reportedly valued at USD 5 B in 2021. It had raised USD 292 M in Series E financing then. In 2022, it reported full-year profitability.

Founded in 2010 by Somali refugee Ismail Ahmed, Zepz (formerly WorldRemit) was created to reduce the high transaction fees associated with sending money to East Africa.