Leapfrog and TCV joined the round, while International Financial Corporation, a global development institution and member of the World Bank Group, will invest up to $20 million. Zepz has not disclosed it valuation. The firm was valued at $5 billion in a $292 million 2021 funding round. The Zepz brand was created after WorldRemit acquired Sendwave. The combined entity serves more than 10 million people in more than 130 countries. Last year, the company axed around a quarter of its workforce - more than 400 people. A planned IPO was abandoned in 2022 following reported accounting issues and churn in its senior management team. The new money will be used to “fuel entry into new markets and support the expansion of new products such as Zepz Wallet”.