Zepz, a London-based money transfer company, has successfully secured $267 million in its latest funding round, which was spearheaded by Accel.
Joining the investment were Leapfrog and TCV, alongside the International Financial Corporation (IFC), part of the World Bank Group, which plans to contribute up to $20 million.
While Zepz has not revealed its current valuation, the company was valued at $5 billion during a previous funding round in 2021, which raised $292 million. The Zepz brand emerged after WorldRemit acquired Sendwave, resulting in a combined entity that now serves over 10 million customers across more than 130 countries.
In a notable development last year, the company reduced its workforce by approximately 25%, affecting over 400 employees. Plans for an initial public offering (IPO) were shelved in 2022 due to reported accounting challenges and significant changes within its senior management.
The newly acquired funds will be directed towards entering new markets and expanding product offerings, including the development of the Zepz Wallet.