While the company did not reveal its current valuation during this funding round, it was previously valued at $5 billion following a $232 million raise in 2021.
The funding round was led by venture capital firm Accel, with participation from both new and existing investors, including Leapfrog, TCV, and Coller Capital. Additionally, the International Financial Corporation, part of the World Bank Group, has committed to investing up to $20 million.
The capital raised will be utilized to enhance the company's presence across Africa, where it currently operates in over 150 countries, including South Africa, Uganda, Kenya, Rwanda, and Tanzania.
This funding round comes after a significant delay in Zepz's plans for an initial public offering (IPO). In 2022, the London-based company halted its IPO plans due to accounting challenges. According to Harry Nelis, a partner at Accel and one of the lead investors in this round, the company's investors are "in no rush" to pursue a public listing.
This development follows a workforce reduction of 26% in May 2023 and an additional layoff of 30 employees in November 2023, attributed to redundancy and role duplication.
Founded in 2010 by Ismail Ahmed, WorldRemit allows users to transfer money from various countries to multiple destinations worldwide, offering options for bank deposits, mobile money, and cash pickups.
WorldRemit made history as the UK’s first Black-founded fintech to reach unicorn status with a valuation of $1 billion. The company acquired Sendwave in February 2021, and both brands now operate under the Zepz umbrella.
Mark Lenhard, the CEO of Zepz, is optimistic about the company's future growth, particularly in light of ongoing global unrest. He stated, "We experienced this during the Covid pandemic, and we will witness it again in the event of an earthquake or geopolitical instability. Increased financial resources will be directed towards us as individuals become more worried about their families and communities during these critical times."