Africa: Remittance Fintech Zepz Raises $267m to Fuel Expansion in Africa

TLDR

• Zepz, formerly WorldRemit, secures $267 million funding round for expansion in key African and global markets.
• Funding led by Accel with participation from Leapfrog, TCV, Coller Capital, and IFC.
• Zepz, operating WorldRemit and Sendwave, serves over 11 million users in 150 countries.

Formerly known as WorldRemit, fintech company Zepz has raised $267 million in a new funding round to support its expansion in its core African markets and globally.

The round was led by Accel, with participation from Leapfrog, TCV, Coller Capital, and the International Finance Corporation (IFC), a member of the World Bank Group, which committed up to $20 million.

This funding follows Zepz’s $292 million Series E round in August 2021, which supported its acquisition of Sendwave and rebranding from WorldRemit. The company operates both the WorldRemit and Sendwave brands, serving over 11 million users across 150 countries.

Key Takeaways

Zepz, headquartered in London, also has offices in several African countries, including South Africa, Uganda, Kenya, Rwanda, Tanzania, and Zimbabwe, looking to tap Africa’s $100 billion annual remittances market. While Zepz’s current valuation is undisclosed, the fintech was valued at $5 billion in 2021 and achieved EBITDA profitability in 2022. Despite earlier plans for an initial public offering (IPO), the company has paused those ambitions, with investors in no rush to take Zepz public, according to Accel partner Harry Nelis.