London, January 14, 2025 –  Zepz, the Group powering global remittance brands WorldRemit and Sendwave, announced today that the International Finance Corporation (IFC), a member of the World Bank Group, has closed its $20 million equity investment in the company. This investment is part of Zepz’s recently announced $267 million Series F funding round led by Accel, with participation from Leapfrog and TCV.

IFC’s $20 million investment represents a key step in advancing Zepz’s mission to meet the financial needs of migrants by providing fast, affordable, and secure money transfer services. The funding will help Zepz strengthen its presence in emerging markets and expand its remittance services, particularly in underserved areas in Sub-Saharan Africa.

In addition to capital, IFC will bring extensive market expertise and a global network of partners that can help Zepz enhance its services and broaden its impact. As one of the earliest and largest fintech investors in emerging markets, IFC has invested directly in more than 75 fintech companies – spanning different verticals such as payments, lending, and insurance – across over 30 emerging economies. Furthermore, by leveraging its existing portfolio of over 600 financial institutions – including banks, microfinance institutions, and neo-banks – IFC will help facilitate strategic partnerships that can significantly accelerate the company’s growth.

“IFC’s presence and expertise in our key markets will be invaluable as we double down on growth and build partnerships with local stakeholders,” said Mark Lenhard, CEO of Zepz, “Together, we aim to provide greater financial access and resilience to individuals, families, and cross-border communities around the world in an increasingly challenging global economy.”

“In 2022, remittance flows to Africa reached $99 billion, representing a crucial lifeline for households across the region. However, service affordability remains a significant challenge for Africa, which has some of the highest remittance transfer costs in the world,” said Mohamed Gouled, Vice President of Industries at IFC. “At IFC we are committed to supporting innovative companies like Zepz that leverage technology to boost financial inclusion by lowering costs of remittances that help millions of people pay for vital services such as food, housing, health care, and education.”

Headquartered in London, Zepz operates as a remote-first business, with talent cluster offices globally and across Africa. As the company continues to expand globally, it remains focused on making remittance services more accessible and affordable for migrants around the world.

For more data on the cost of sending remittances worldwide, visit remittanceprices.worldbank.org.