Zepz funding news – London-based Zepz Secures $267Million in Funding

This substantial investment is set to boost Zepz's growth initiatives in key African markets and beyond, marking a strategic shift from its earlier plans for an initial public offering.

It as they secure new financing to support their expansion plans! The fintech company recently raised $292 million in a Series E round in 2021, following its acquisition of cross-border payment firm Sendwave and subsequent rebranding. According to Bloomberg,it has decided to postpone its initial public offering (IPO) as investors show a lack of urgency to enter the public markets.

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Harry Nelis, a partner at Accel, emphasized this point, highlighting the company's strategic decision in the current market landscape. This funding will enable Zepz to broaden its operations and business scope beyond the African markets, paving the way for further growth and innovation.

Zepz, a company that was valued at $5 billion in 2021, recently made significant changes to its workforce. Despite being profitable in 2022, it laid off over 26% of its employees, amounting to 420 individuals from a total headcount of approximately 1,600 in early 2023. Following this, the company further reduced its headcount by 30%.

About Zepz

Zepz powers two leading global payments brands: WorldRemit and Sendwave, disrupting an industry dominated by offline legacy players. They've revolutionized international money transfers by moving online, ensuring fairer, faster, and more flexible global digital payments. Operating in 50 to 130 countries and over 5,000 money transfer corridors worldwide, they employ over 1,400 people globally.