Zepz eyes global expansion to drive growth
By Oluwatosin Ajayi
Zepz, a London-based international money transfer service that has been identified as one of the top UK fintech companies, is poised for global expansion. The firm is strategically leveraging tech innovation to reshape money transfer services across borders.
According to a KPMG report, in the first half of 2024, the UK’s fintech sector achieved a stellar record of $7.3 billion in investments from $2.5 billion in the same period of the previous year. And despite the global downturn in investments, a Statista report showed that Zepz emerged among the top 10 UK leading fintech companies by capital raised within the period under review.
In a recent interview, Mark Lenhard, the Chief Executive Officer of Zepz, said that in October 2024, Zepz raised $267 million in a Series F equity financing with the leading global venture capital firm, Accel, as the main lead. The funds were said to be used to support the company’s expansion into new markets and the introduction of new products, including Zepz Wallet. He added that the funds will enable the company to increase its investment in growth and innovation.
It would be recalled that in August 2021, the company transformed its brand to Zepz after raising $292 million in a funding round, boosted its valuation to $5 billion, and acquired Sendwave. It created history as the first Black-owned fintech company to be valued at $1 billion, attaining the ‘unicorn’ status. According to the website, Zepz operates in over 130 countries and provides payment services in more than 70 currencies, making international money transfers easier and cheaper.
Zepz operates in a 100% cashless manner, making transactions more secure digitally. The focus on the digital-first solution has played a big role in the global adoption of mobile money, the improvement of financial inclusion, and the changes in the international payments industry.
Zepz’s resilience and prominence in the fintech sector are becoming more relevant in today’s market. With the current developments and future establishments, Zepz has the potential to globally expand in the international finance industry, increasing financial inclusion and providing more efficient digital payment services.
The UK’s fintech sector continues to soar and remains one of the world’s largest fintech hubs. Zepz, which was formerly known as WorldRemit, was established in 2010 by Somali entrepreneur Ismail Ahmed and has become a global leader in the international money transfer service. WorldRemit was initiated by Ahmed with the aim of providing an international digital remittance solution with ambition for global expansion after he faced a lot of difficulties in sending money to his family in East Africa.
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