Zepz Raises $267 Million to Grow Global Cross-Border Remittance Solutions

Zepz has raised $267 million in a Series F funding round to continue growing its global cross-border remittance solutions, WorldRemit and Sendwave.

“The Series F investment will continue to drive our accelerated growth, driven by our mission to serve the financial needs of migrants around the world,” the company said in a Friday (Oct. 4) post on LinkedIn.

The funding round was led by Accel, with participation from LeapFrog Investments, TCV and International Finance Corp., a member of the World Bank Group, according to the post.

“Excited to deepen our partnership with Accel, LeapFrog Investments and TCV … and welcome a new one IFC — International Finance Corporation,” Zepz CEO Mark Lenhard said in a Saturday (Oct. 5) post on LinkedIn. “Most excited about the impact to come within the global migrant community.”

The company’s WorldRemit app enables users to send money online to more than 130 countries, track payments and view their transaction history, according to the Zepz website.

Its Sendwave app allows users to send money to friends and family in Africa and Asia, per the site.

This announcement comes about three years after Zepz raised $292 million in new primary Series E financing, became a $5 billion company and rebranded itself from its former name, WorldRemit.

The company had purchased Sendwave a year earlier, in August 2020, and said in August 2021 that it saw significant growth opportunities in driving deeper market penetration in its existing markets, expanding into new markets and offering additional value-added services.

While the business of remittances tends to be more resilient than most during tough economic times, Zepz does not stand still or take its eyes off competitors or price-conscious customers who constantly shop for a cheaper or faster alternative, Robert Mitchell, who was chief financial officer of Zepz at the time, told PYMNTS in an interview posted in November 2022.

“For us as a company, we’re always leaning into the product to make sure the user experience is fully enhanced and making sure we’re addressing any sources of customer churn,” Mitchell said.

Zepz achieved profitability for the first time in 2022 and remains focused on innovation and continuous improvement, CNBC reported in November.