Zepz, previously known as WorldRemit, a trailblazer in the money transfer sector, has successfully raised $267m.
The funding round was led by the venture capital firm Accel and saw participation from TCV and Leapfrog, according to a report from BNN Bloomberg. Additionally, the International Financial Corporation, part of the World Bank Group, committed up to $20m.
This significant investment aims to accelerate Zepz’s expansion efforts primarily in its core African markets and other regions. The company has shifted its focus from an earlier plan for an initial public offering, as indicated by reports from Bloomberg.
Founded in 2010 by Ismail Ahmed, a Somali refugee and entrepreneur, Zepz revolutionized the high-cost structure of money transfers to East Africa. Zepz was the UK’s first Black-founded FinTech valued at over $1bn.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
