Zepz, the fintech known for its WorldRemit and Sendwave brands, has raised $267 million to fund its expansion into African and international markets. The funding round was led by Accel, with contributions from Leapfrog, TCV, Coller Capital and the International Finance Corporation (IFC). This injection of capital aims to accelerate innovation in digital money transfers, a crucial solution for facilitating remittances to Africa.

Zepz is focusing on developing new technologies to improve its money transfer services while expanding its geographical reach. Although its IPO plans have been put on hold, this fund-raising demonstrates the company’s desire to strengthen its presence in emerging markets and to meet the growing needs of the African diaspora sending money to their loved ones.

Africa is a crucial market for Zepz, where digital payment solutions play a vital role in financial inclusion. Thanks to this round of funding, the company plans to invest further in its WorldRemit and Sendwave platforms, which are already widely used for low-cost money transfers. With the support of its new financial partners, Zepz aims to democratise access to financial services for millions of unbanked people across the continent.

The African fintech market is growing rapidly, attracting massive investment due to increasing mobile penetration and demand for fast and secure payment solutions. Zepz, with its simplified money transfer model, is positioned as a key player to meet these needs and stimulate local economic growth.

Zepz’s raising of 267 million dollars marks a decisive turning point for the expansion of its operations in Africa. This initiative not only supports the company’s growth ambitions but also responds to the growing demand for accessible and affordable financial services for African communities.

The Editor (with AITN and CA)