Zepz, the parent company of WorldRemit, has successfully acquired $267 million in funding to expand its global cross-border remittance payment platform. New and existing investors like Leapfrom, Accel, Farallon Capital, and TCV participated in the round. With this latest injection, Zepz’s valuation remains at an impressive $5 billion, affirming the company as a leading player in the digital payment industry.
Zepz, which last raised $175 million in a Series D round in 2019, operates across 150 countries, providing secure and affordable cross-border payment services. The company plans to use the new funds to further develop its platform and technology, expand into new markets, and enhance its range of services. Zepz currently powers two major brands in the remittance industry: WorldRemit and Sendwave, which together serve 11 million users and facilitate over 4.5 million monthly transactions.
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Breon Corcoran, CEO of Zepz, emphasized the importance of the funding in accelerating the company’s mission. “Our goal has always been to provide fair, fast, and flexible payments for our customers, and this investment allows us to continue building a better future for global remittances,” Corcoran said. The company aims to further scale its global footprint while continuing to integrate its recently acquired brand, Sendwave, with its flagship product, WorldRemit.
The Story of Ismail Ahmed
Ismail Ahmed, the Somali-British founder and the man behind Zepz’s success has a remarkable story. Born and raised in Hargeisa, Somaliland, Ahmed’s early life was marked by the difficulties of the Somali Civil War. In the late 1980s, as violence escalated, he was smuggled out of the country with the help of his family, eventually seeking refuge in the UK.
Ahmed was fortunate to have received a World Bank scholarship to study economics at the University of London, but his journey to the UK wasn’t an easy one. Once settled, he experienced firsthand the challenges of sending money home to support his family. The process was cumbersome, expensive, and time-consuming as he had to travel far to find agents who helped individuals send money to their families. With the high fees cutting into the already limited amounts being sent back to loved ones in Somaliland.
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Determined to change the system, Ahmed began to envision a more accessible, affordable way for diasporians like himself to send money across borders. He pursued further studies, eventually earning a PhD in economics and an MBA from the London Business School. His experience as a refugee and the struggles of remittance would ultimately lead him to launch WorldRemit in 2010.
WorldRemit disrupted the traditional remittance industry, which was dominated by offline legacy players. By offering an online solution, Ahmed’s platform reduced fees, increased security, and provided more convenience for users. The business quickly grew as it empowered diasporans worldwide to send money back to their home countries at a fraction of the cost, fostering a greater impact on global remittance flows.
The Evolution of Zepz
Over the past decade, Zepz (the parent company of WorldRemit) has become one of the most influential players in the fintech space. The company’s mission is rooted in Ahmed’s vision of making remittances easier and cheaper for those in the diaspora, particularly in underserved regions like Africa. Today, Zepz facilitates money transfers through a variety of methods, including bank deposits, cash collection, mobile airtime top-up, and mobile money.
In 2021, Zepz further expanded its reach with the acquisition of Sendwave, a mobile-first remittance company with a significant presence in Africa. The two brands now operate in over 150 countries and support over 2,800 money transfer corridors worldwide. Despite these impressive numbers, Zepz maintains a strong focus on reducing costs and improving service, particularly for migrants who send money to support their families and communities back home.
Ahmed’s original vision continues to drive Zepz’s evolution. The company recently announced that it would use the new round of funding to grow beyond its African strongholds and into new markets, with a focus on expanding its services to more regions. Additionally, Zepz remains committed to making money transfers as affordable and accessible as possible.
Despite facing challenges, including the recent reduction of its workforce by 26%, Zepz remains a resilient player in the fintech sector. Investors are not pushing for an IPO at the moment, allowing the company to focus on long-term growth rather than short-term market pressures.
Looking Ahead
As more customers shift to digital platforms, Zepz is well-positioned to continue growing. Its dedication to fair, fast, and flexible payments, coupled with a focus on underserved communities, has made the company a lifeline for many. The company processed over $15 billion in transactions in 2023 alone, a testament to its global impact.
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Ismail Ahmed’s journey from a refugee struggling to send money home to becoming the founder of a fintech unicorn is not just inspiring—it’s a reminder of the transformative power of technology. With Zepz leading the way, the remittance industry is set for further disruption, making it easier for millions to support their families across borders.
