The International Finance Corporation (IFC), a member of the World Bank Group, has announced a $20 million investment in Zepz, the parent company of leading international remittance services WorldRemit and Sendwave. This investment comes as part of Zepz’s $267 million Series F funding round, led by Accel.
This strategic partnership aims to strengthen Zepz’s presence in emerging markets, particularly in Sub-Saharan Africa, where remittance flows reached a remarkable $99 billion in 2022 despite facing significant challenges such as high transfer costs.
Empowering Individuals and Communities
“IFC’s presence and expertise in our key markets will be invaluable as we double down on growth and build partnerships with local stakeholders,” said Mark Lenhard, CEO of Zepz. “Together, we aim to provide greater financial access and resilience to individuals, families, and cross-border communities around the world in an increasingly challenging global economy.”
This investment aligns with Zepz’s core mission to improve the lives of migrants by providing them with reliable and affordable financial services.
By expanding its reach and enhancing its services, Zepz aims to empower individuals and families to overcome financial barriers, build financial resilience, and contribute to economic growth in their communities.
Driving Financial Inclusion in Africa
As a leading investor in fintech companies across emerging economies, IFC actively supports innovative solutions that reduce remittance costs and enhance financial inclusion.
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By partnering with Zepz, IFC aims to empower migrants to send money home more affordably and securely, contributing to economic growth and poverty reduction in recipient countries.
Beyond Capital: IFC’s Value Proposition
IFC brings more than just capital to the table. Its extensive market expertise and a global network of over 600 financial institutions will be invaluable in helping Zepz forge strategic partnerships for growth.
This collaboration will unlock new opportunities for Zepz to expand its reach and deepen its impact within the African market.
Zepz: A Global Leader in Digital Remittances
Zepz, a London-based, remote-first company with a diverse global talent pool, including a strong presence in Africa, is well-positioned to leverage this partnership to further its mission.
With a focus on providing affordable and secure money transfer services, Zepz empowers migrants to support their families and communities back home.
This investment by IFC marks a significant step towards a more inclusive and efficient global remittance system, benefiting both migrants and their families in Africa and beyond.
The Challenge of High Remittance Costs
Africa faces some of the highest remittance transfer costs globally, posing a considerable burden on migrants and their families. These high fees eat into the already limited funds, reducing the amount available for essential needs such as food, healthcare, education, and housing. This not only impacts individual households but also hinders economic development at a broader level.
Seamless Global Transfers: Exploring WorldRemit and Sendwave for Your Money Transfer Needs
The WorldRemit app is a reliable platform for global money transfers, offering users features like WorldRemit login for secure access and the option for a quick WorldRemit app download to get started.
Their efficient WorldRemit customer service ensures smooth transactions for all users, making WorldRemit money transfer a trusted choice.
With transparent WorldRemit exchange rates and real-time WorldRemit tracking, customers in the WorldRemit UK market and beyond enjoy seamless experiences.
Meanwhile, the Sendwave app has gained popularity following the Sendwave acquisition. Available in various Sendwave countries, it allows users to effortlessly handle transactions, including Sendwave to M-Pesa transfers.
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For those wondering how to receive money from Sendwave, the platform offers clear instructions. With easy Sendwave sign-up and quick Sendwave app download, customers appreciate its efficiency, as reflected in positive Sendwave reviews. Both platforms cater to global money transfer needs with excellence.
A Vision for the Future
As Zepz continues to expand its global reach, the company remains steadfast in its mission to make remittance services more accessible and affordable for migrants worldwide.
By breaking down barriers to financial inclusion and empowering individuals and families, Zepz is not only transforming the remittance landscape but also contributing to a more equitable and prosperous future for millions across the globe.