Cross-border payments face significant challenges: high costs, slow processing times, limited accessibility, and lack of transparency. Zepz addresses these challenges through digital solutions that are faster, safer, and more convenient than traditional methods. Through its brands, WorldRemit and Sendwave, it serves over 9 million users across more than 4,600 remittance corridors globally.
Zepz has secured $165 million in growth funding, led by HSBC Innovation Banking and HSBC Private Credit, to enhance customer experience and expand services. Building on a decade-long partnership, this new financing upgrades an earlier $80 million arrangement to a $110 million Revolving Credit Facility (RCF) with an additional $55 million term loan.
This financing strengthens Zepz’s market position and enables the company to pursue new opportunities. The increased working capital enhances Zepz’s ability to scale and reinforces its leadership in global payments. As a result, Zepz can offer better pricing and expanded services to its millions of customers worldwide.
Zepz has evolved into a profitable company and achieved significant growth. Even amid challenges in fintech funding, it secured $267 million in Series F funding last year, demonstrating its commitment to innovation and sustainable development. The new facility confirms market confidence in Zepz’s potential to scale and lead the global payments sector.
Transforming an industry once dominated by offline legacy players
Zepz, formerly WorldRemit Group, was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe. Ahmed’s vision emerged from his struggles with expensive, inefficient money transfers to his family in Ethiopia during the Somali Civil War. He sought to create a better solution for migrants who needed affordable, accessible, and reliable cross-border transfers.
Today, Zepz operates two major remittance brands, WorldRemit and Sendwave, serving over 9 million users and processing over 8 million monthly transactions. The new financing enables continued investment in faster transactions and improved reliability for cross-border transfers. By strengthening its financial position, Zepz can optimise transfer fees and enhance the customer experience.
“Our priority is making money transfers faster, more affordable, and more accessible for the communities we serve,” said Mark Lenhard, CEO at Zepz. “This expanded facility strengthens our ability to invest in better pricing and ongoing innovation, empowering migrants with the tools they need to build secure futures and overcome financial barriers.”
Migrants often face cultural identity loss and isolation, compounded by financial exclusion. Zepz helps ease these challenges by enabling seamless support to families abroad while fostering “cultural congruity” through remittances that maintain traditions and community bonds. Research shows that financial security reduces migrant acculturative stress, highlighting how platforms like Zepz improve well-being beyond simple monetary transactions.
By lowering financial barriers and improving safety and convenience, Zepz facilitates seamless cross-border transactions. Its brands work daily to unlock prosperity for global communities through finance and technology, guided by a vision that celebrates migrants’ contributions at home and abroad. The company serves over 9 million users across over 4,000 corridors, connecting 40 sending countries with 90 receiving countries.
Zepz’s mission is to unite the world through financial services by making money transfers accessible to migrants globally. It aims to empower communities by promoting financial inclusion and revolutionising global payments through innovation. The company strives to become the leading global money transfer service by setting new standards for convenience, security, and transparency while creating a seamless experience for migrants to support their families and communities.
Behind Zepz: a digital-first approach to cross-border payments
Zepz simplifies cross-border payments through its fully digital platform, operating via WorldRemit and Sendwave. Users can send money securely through various methods, including bank deposits, cash pickups, mobile airtime top-ups, and mobile money transfers.
The platform operates completely cashless for senders, maximising convenience and security. Zepz manages over 5,000 money transfer corridors globally, with 85% of transfers completing within minutes.
Unlike traditional providers such as Western Union, which rely on offline methods, Zepz operates entirely online, disrupting the conventional remittance market by reducing costs and increasing accessibility. The company offers flexible payment options and superior transaction speeds. Its typical customer conducts four transactions monthly, demonstrating the platform’s reliability and ease of use.
Zepz has broken through barriers to establish digital connectivity in emerging markets, bringing financial access to previously underserved regions. The company specifically tailors its services to migrant communities while working to become their core financial hub. Through streamlined operations and technology, Zepz delivers lower fees than banks and traditional services like PayPal or Western Union.
Barrie Morris, CFO at Zepz, stated: “By lowering borrowing costs, this facility improves our financial flexibility and ensures we can continue delivering high-quality, cost-effective services. The additional capital allows us to strengthen our operations, supporting our long-term growth and commitment to our customers. We’re delighted to have once again partnered with HSBC Innovation Banking – a key strategic partner for our long-term vision to continue enhancing the services we provide to our customers.”
Angela Mylrea, Head of Corporate Credit Solutions, HSBC Innovation Banking UK, added: “We are delighted to deepen our long-standing partnership with Zepz and mark this next milestone on the company’s growth journey. This facility showcases our commitment to providing flexible, tailored financial solutions to high-growth fintech companies, and we are looking forward to supporting Zepz as it continues to strengthen its position and offering.”
Looking ahead, Zepz plans to launch a digital wallet in 2025 that will integrate savings, insurance, and microloans for migrants. This initiative supports its vision of becoming a “core financial hub” for diaspora communities while reducing dependence on fragmented local services.
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