This Zepz company profile covers the company's valuation, revenue, funding rounds, investors and history. Zepz works in fintech, with a focus on cross-border payments and remittances. It was founded in 2010 and is headquartered in London, England, United Kingdom. Its latest valuation on record is US$5 billion (August 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
US$338 million — Annual revenue (company-reported, 2020), as of 2020. Source: FinTech Global.
| Metric | Value | As of | Source |
|---|---|---|---|
| Users | More than 11 million users across 150 countries | August 2021 | FinTech Global |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Aug 2021 | Series E | US$292M | US$5B | Farallon Capital; LeapFrog Investments, TCV, Accel | Business Wire |
| 2019 | Series D | US$175M | See source | TCV (lead) | FinTech Futures |
Zepz timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2010 — Zepz is founded in London by Ismail Ahmed (WorldRemit).
- 2019 — Series D: US$175M. Investors: TCV (lead).
- Aug 2021 — Series E: US$292M, valuing the company at US$5B. Investors: Farallon Capital; LeapFrog Investments, TCV, Accel.
- August 2021 — Users: More than 11 million users across 150 countries.
Investors
Overview
Zepz is the parent company of WorldRemit and Sendwave, two digital money transfer services that let people send money across borders from a phone or computer. Its customers are mostly migrants and their families: a nurse in the UK sending money home to Nigeria, a construction worker in the US supporting family in Kenya, or a student abroad receiving funds. Money can be delivered to bank accounts, mobile money wallets, cash pickup locations or airtime top-ups. Zepz says its platform has served millions of users across about 150 countries. It was valued at US$5 billion in 2021, a figure that predates the fintech downturn and should be treated as historical.
WorldRemit was founded in 2010 by Ismail Ahmed, a Somaliland-born entrepreneur who had worked on remittances for the United Nations and had experienced the high cost and inconvenience of sending money home while studying in London. He set out to build a digital alternative to cash-based money transfer agents. In 2020, WorldRemit acquired Sendwave, a US-founded app focused on low-cost transfers to Africa and Asia, for about US$500 million, and in 2021 the group was renamed Zepz.
Products
- WorldRemit: international money transfers to over 100 countries, with delivery to bank accounts, mobile wallets, cash pickup and airtime.
- Sendwave: a simpler, low-fee app focused on popular corridors to Africa, Asia and Latin America, often with instant delivery to mobile money.
- Multi-currency and business services: additional services offered in some markets over time.
Funding
WorldRemit raised early funding from Accel and TCV, including a US$175 million Series D in 2019 led by TCV. In August 2021 the newly renamed Zepz raised US$292 million in a primary Series E at a US$5 billion valuation, with new investor Farallon Capital and existing investors LeapFrog Investments, TCV and Accel. We haven't found a newer priced round. Since 2021, listed remittance companies have traded at lower valuations, and Zepz has carried out cost cuts and leadership changes, so the 2021 mark may not reflect current value.
Revenue
Zepz said that in 2020 its platform processed more than 4.5 million monthly transactions and almost US$10 billion of gross send volume, generating US$338 million in revenue. We use that company-reported figure, labelled with its year; we haven't found reliable newer revenue figures.
Business model
Zepz earns revenue from transfer fees and from the margin between the exchange rate it obtains and the rate it offers customers. Costs include payment processing, payout partners in receiving countries, compliance, fraud prevention and marketing. Remittances are a high-volume, low-margin business, so scale and efficient customer acquisition are essential. Sendwave's model historically used very low or zero fees on some corridors, earning mainly from exchange rates.
Competition
Zepz competes with Western Union, MoneyGram and Ria; with digital specialists such as Remitly and Wise; with fintechs focused on Africa such as LemFi, Chipper Cash and Flutterwave's Send; and with banks and mobile money operators. Remitly, a listed competitor, has grown quickly, raising the bar for digital remittance companies.
Zepz at a glance
Zepz is a London-headquartered digital remittance company, the parent of WorldRemit (founded in 2010 by Ismail Ahmed) and Sendwave (acquired in 2020). It serves migrants sending money to about 150 countries. It raised US$292 million at a US$5 billion valuation in 2021, with 2020 revenue of US$338 million, and hasn't announced a newer priced round.
Timeline
- 2010: WorldRemit founded by Ismail Ahmed.
- 2015–2019: raises from Accel and TCV and expands to many corridors.
- 2020: acquires Sendwave.
- August 2021: renamed Zepz; raises US$292 million at US$5 billion.
- 2022–2024: leadership changes and cost reductions as fintech valuations fall.
Why remittances matter
Remittances to low- and middle-income countries are measured in hundreds of billions of dollars a year according to the World Bank, larger than foreign aid in many countries. For receiving families, they pay for food, school fees, healthcare and housing. Historically, sending money abroad was expensive, often costing a significant percentage of the amount sent, especially for small transfers to Africa. Digital providers have pushed costs down and delivery times to minutes, particularly where mobile money is widespread.
Who uses Zepz
Zepz's customers are mainly migrants in the UK, Europe, North America and Australia sending money to families in Africa, Asia, Latin America and the Middle East, and the recipients who receive funds through mobile wallets, bank accounts or cash pickup.
Valuation context
Zepz's US$5 billion valuation was set during the 2021 fintech peak. Remitly, its closest listed comparable, has seen large share price swings since its own 2021 IPO. Without a new round, we list Zepz using the 2021 figure, clearly dated. Our guide to the largest African startups covers related companies.
Risks
- Competition: price competition from digital rivals reduces margins.
- Compliance: anti-money-laundering rules are strict and costly.
- Currency volatility: sharp devaluations in receiving countries affect volumes.
- Stale valuation: the last mark is from 2021.
Questions for senders
- What is the total cost including fees and the exchange rate margin?
- How quickly will the money arrive, and through which payout method?
- Is the provider licensed in your country?
Mobile money and remittances
In many African countries, mobile money services such as M-Pesa let people store and send money from a basic phone without a bank account. Sendwave built its business around instant transfers into these wallets, which recipients can use immediately to pay bills, buy goods or withdraw cash from agents. This made digital remittances far more useful than bank transfers in markets where few people have bank accounts. Partnerships with mobile money operators, local banks and cash pickup networks are a key asset for remittance companies, and building them across dozens of countries takes years.
Questions for investors
- How has revenue grown since the 2020 figures?
- Is the company profitable after its cost reductions?
- How do customer acquisition costs compare with Remitly?
Regulation in cross-border payments
Money transfer companies must be licensed in each sending country and comply with anti-money-laundering and sanctions rules, which require checking customers and monitoring transactions. Compliance failures can lead to large fines, so this is a major cost for every provider, and a barrier to new entrants.
Latest developments (October 2026)
Zepz, the parent of WorldRemit and Sendwave, published its first data report in August 2026, drawing on 5.5 million senders, which found 25- to 34-year-olds are now the largest group sending money home, according to FF News. FXC Intelligence reported a strong 2025 and the launch of a stablecoin-powered Sendwave wallet in more than 100 countries. Its 2021 valuation is dated. See our cross-border payments guide.
What to watch
Watch for new funding, profitability updates, leadership changes and competition with Remitly and Africa-focused fintechs.
Takeaways
Migrant families can send money home faster and more cheaply than before. Founders can see how personal experience can drive a global business. Investors should treat its US$5 billion valuation as a 2021 mark.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Zepz do?
Zepz is a fintech / cross-border payments and remittances company headquartered in London, England, United Kingdom. It was founded in 2010.
What is Zepz's valuation?
Zepz was valued at US$5 billion as of August 2021, according to Business Wire. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Zepz make?
Zepz reported US$338 million (annual revenue (company-reported, 2020)) as of 2020, according to FinTech Global.
What was Zepz's latest funding round?
The most recent financing we have verified is a series e in Aug 2021: US$292M, at a valuation of US$5B. Source: Business Wire.
Who are Zepz's investors?
Investors named in public announcements include Farallon Capital, TCV, Accel and LeapFrog Investments.
Who founded Zepz?
Zepz was founded in 2010 by Ismail Ahmed (WorldRemit).
Is Zepz a public company?
No. Zepz is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Zepz headquartered?
Zepz is headquartered in London, England, United Kingdom.