Zepz (formerly known as WorldRemit) has raised $267 million from new and existing investors to fund expansion in its core African markets and beyond.
Details
Venture capital firm Accel led the funding round, which also included Leapfrog, TCV, and Coller Capital. The International Financial Corporation, a global development institution and member of the World Bank Group, pledged to invest as much as $20 million.
Between The Lines
The firm has parked plans for an initial public offering. According to Bloomberg, investors are now “in no rush” for Zepz to join the public markets, according to Harry Nelis, partner at Accel.
What They’re Saying
Mark Lenhard, Zepz chief executive officer, said the firm had further to grow. “We certainly saw it during Covid. We’ll see it when there’s an earthquake. We’ll see it when there’s geopolitical unrest in the country,” he said in an interview.
“More money will flow in because people get concerned about their families, about their communities and that’s their time of need.”
Source: Bloomberg
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