London-based money transfer company Zepz has secured $267 million in a funding round led by Accel. Leapfrog and TCV also participated in this round, while the International Financial Corporation, which is part of the World Bank Group, is set to invest up to $20 million.
Zepz has not disclosed its current valuation, but it was valued at $5 billion during a $292 million funding round in 2021. The Zepz brand emerged following WorldRemit’s acquisition of Sendwave, and the combined entity now serves over 10 million customers across more than 130 countries.
In the previous year, the company laid off approximately a quarter of its workforce, impacting over 400 employees. A planned initial public offering (IPO) was called off in 2022 due to reported accounting issues and turnover within its senior management team.
The newly raised funds will be utilized to enter new markets and aid in the development of new products, including the Zepz Wallet.