Formerly known as World Remit, Zepz has acquired $267 million in funding after two years of officially reaching profitability for the first time.
The Fintech is yet to disclose its valuation after the recent funding round. Since it was previously valued at $5 billion after it raised $232 million in 2021, speculations suggest its current valuation to be at $7-10 billion.
The funding round was led by new and existing investors, including Accell, TCV, Leapfrog, Coller Capital, and the International Financial Corporation, a World Bank Group member.
Zepz currently operates in over 150 African countries and aims to utilize the funding to expand its outreach on the continent.
Zepz’s recent funding round marks a significant development following the indefinite suspension of their IPO plans in 2022 because of accounting problems. According to Harry Nelis of Accel, Zepz’s investors are not eager for a public listing.
This was after FinTech cited redundancy and duplication of roles in its workforce, leading to the cut down of 26% of the workforce in May 2023 and 30 people in November 2023.
Zepz’s growth from its creation in 2010 has been astonishing. Zepz, formerly WorldRemit, enabled users to send funds from several countries to other destinations globally, offering options for bank deposits, cash pickups, and mobile money.
WorldRemit became the first Black-founded FinTech to achieve unicorn status in the United Kingdom with a valuation of $1 billion. In 2021, the FinTech acquired another payment brand, Sendwave, to operate under its group, Zepz.
