Zepz, the parent company of WorldRemit and Sendwave, has announced that the International Finance Corporation (IFC), part of the World Bank Group, has invested $20 million in the company. Zepz raised $267 million in Series F funding, led by Accel and including Leapfrog and TCV. IFC’s investment will support Zepz’s mission to address the financial needs of migrants by offering affordable, secure, and efficient remittance services. The funding will enable Zepz to strengthen its footprint in emerging markets and extend its services to underserved regions, especially in Sub-Saharan Africa.
In addition to financial support, IFC will provide strategic guidance and leverage its network of partners to enhance Zepz’s operations. With a history of investing in more than 75 fintech companies across 30 emerging economies, IFC brings valuable expertise in payments, lending, and financial inclusion. Zepz CEO Mark Lenhard expressed confidence in the partnership, emphasizing the shared goal of improving financial access for cross-border communities. IFC Vice President Mohamed Gouled highlighted the importance of affordable remittance services, noting the high costs faced by African households.
