Zepz formerly WorldRemit raises $267 million at a valuation north of $5 billion

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Zepz, the pan-African money transfer service formerly known as WorldRemit, recently raised $267 million to fuel its business growth in Africa and beyond, TechMoran reports.

The investment, was led by Venture capital firm Accel with participation of Leapfrog, TCV and IFC which pledged to invest $20 million in the round valuing the company beyond its 2021 $5 billion valuation.

“The Series F investment will drive accelerated growth, driven by our mission to serve the financial needs of migrants around the world,” said Breon Corcoran, CEO of Zepz.

Founded in 2010 by Somali entrepreneur Ismail Ahmed who was frusrated with the high cost of sending money from UK to East Africa, WorldRemit, now Zepz has grown to become the UK’s first Black-founded fintech company to be valued at $5 billion. The firm will use the funding to accelerate its expansion efforts across its key markets in Africa and beyond.

This new funding follows its $292 million in Series E round in 2021 and acquisition of cross-border payment firm Sendwave. Zepz reached profitability in 2022. Headquartered in London, Zepz operates in South Africa, Uganda, Kenya, Rwanda, Tanzania, and Zimbabwe and has over 11 million users across 150 countries.

With the funding, Zepz has been able to invest in its technology, platform and customer proposition as well as expanding into new markets and further extending its platform to offer additional value-added services to its users.

In 2020, Zepz’ brands enabled over 4.5m monthly transactions on its platform generating almost $10bn of Gross Send Volumes and $338m of revenues.

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