LATEST NEWSOctober 8, 2024 at 8:59 UTC
TLDR
- Zepz, formerly WorldRemit, secures $267 million funding round for expansion into key African and global markets.
- Financing led by Accel with participation from Leapfrog, TCV, Coller Capital and IFC.
- Zepz, which operates WorldRemit and Sendwave, serves more than 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 into its key African and global markets.
The tour was led by Acceleratewith the participation of Exceed, TCV, Paste Capitaland the International Finance Corporation (IFC), member of the World Bank Group, which has committed $20 million.
This funding follows Zepz’s $292 million Series E round in August 2021, which supported its acquisition of Send and rebranding of WorldRemit. The company operates both the WorldRemit and Sendwave brands, serving more than 11 million users in 150 countries.
Key takeaways
Zepz, headquartered in London, also has offices in several African countries, including South Africa, Uganda, Kenya, Rwanda, Tanzania and Zimbabwe, seeking to tap into the African mailing market. annual funds of 100 billion dollars. Although Zepz’s current valuation is not disclosed, the fintech was valued at $5 billion in 2021 and achieved profitable EBITDA in 2022. Despite previous plans for an initial public offering (IPO), the company has put its ambitions on pause, investors not being in a hurry to take Zepz. public, according to Accel partner Harry Nelis.