London-based remittance company Zepz has raised $267 million in a funding round led by Accel, with participation from Leapfrog and TCV. Additionally, the International Financial Corporation (IFC), part of the World Bank Group, will invest up to $20 million.
Key Details:
- Valuation: Zepz has not disclosed its current valuation. In a previous 2021 funding round, the company was valued at $5 billion after raising $292 million.
- History and Reach: Zepz was formed following the acquisition of Sendwave by WorldRemit, now serving over 10 million customers across 130 countries.
- Challenges: In 2023, Zepz underwent significant restructuring, laying off around 400 employees (a quarter of its workforce). A planned IPO was scrapped in 2022 due to accounting issues and senior management changes.
- Expansion Plans: The fresh capital will be used to fuel Zepz’s entry into new markets and support the growth of new products like Zepz Wallet.