Cross-border payments have long been plagued by high fees, slow transaction times, limited reach, and a lack of transparency. For the millions of migrants who rely on these services to send money home. These barriers can be more than just inconvenient—they can be life-altering. Zepz, the global digital remittance company behind WorldRemit and Sendwave, is working to change that.
In a major move to accelerate its mission, Zepz has secured $165 million in growth financing. Led by HSBC Innovation Banking and HSBC Private Credit. This new funding includes a $110 million Revolving Credit Facility. An upgrade from a previous $80 million facility—along with a $55 million term loan. The funds will enable Zepz to enhance its services, improve customer experience. And strengthen its position as a global leader in cross-border payments.
With over 9 million users across more than 4,600 remittance corridors. Zepz is already transforming the way money moves across borders. This new funding ensures the company can scale faster. Offer even better pricing, and deliver more secure and efficient services to migrant communities worldwide.
Founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe, Zepz was born out of personal experience. Ahmed, who fled Somalia during the civil war, struggled with expensive and inefficient money transfer systems while supporting his family in Ethiopia. That experience sparked the idea for a digital-first platform that puts migrant users first.
Today, Zepz’s brands—WorldRemit and Sendwave—serve as financial lifelines for millions. The company processes over 8 million transactions per month. Offering services that include mobile money, bank transfers, cash pickup, and airtime top-ups. Unlike traditional players like Western Union that still rely heavily on offline infrastructure, Zepz operates entirely online—cutting costs and drastically improving accessibility.
The company’s typical user sends money home four times a month, a clear sign of how essential the service has become. With 85% of transfers completed within minutes, Zepz has turned the once-frustrating process of sending money abroad into something fast, simple, and secure.
“This expanded facility allows us to continue investing in innovation and better pricing,” said Mark Lenhard, CEO at Zepz. “Our goal is to empower migrants with digital tools that help them support their families and overcome financial exclusion.”
Zepz isn’t just focused on making transactions faster—it’s also building deeper ties between migrants and their communities. By reducing the stress and cost associated with sending money abroad, Zepz helps migrants preserve cultural traditions and maintain essential family bonds. Research has shown that financial security reduces acculturative stress in migrant populations. Zepz is directly contributing to that improved sense of wellbeing.
The company views remittances as more than just money transfers. They’re a way to sustain relationships, honor cultural obligations, and uplift families. Through faster, more reliable digital services, Zepz gives users the tools they need to send support where it’s needed most—instantly and affordably.
Even amid a cooling fintech funding environment, Zepz has continued to grow. In 2023, it raised $267 million in Series F funding, and has now added this $165 million round to continue scaling operations and strengthening infrastructure. According to CFO Barrie Morris, the new financing will improve borrowing flexibility and enable Zepz to maintain low-cost, high-quality service.
“Partnering again with HSBC Innovation Banking reinforces our shared vision for inclusive global finance,” Morris noted. “This capital allows us to build on our momentum and keep delivering world-class service to the communities we serve.”
HSBC’s Angela Mylrea, Head of Corporate Credit Solutions for Innovation Banking UK, added, “Zepz represents exactly the kind of high-impact fintech we aim to support—fast-growing, mission-driven, and building meaningful change.”
Zepz’s future roadmap goes far beyond traditional remittances. The company plans to launch a digital wallet in 2025, offering features like savings, insurance, and microloans tailored to migrant needs. This move positions Zepz not just as a remittance provider, but as a comprehensive financial hub for underserved global communities.
By integrating more services into its platform, Zepz is working to eliminate the fragmented, high-cost financial tools migrants currently rely on. The goal is to give users complete control over their financial lives—from sending money and paying bills to saving and insuring their futures.
As it continues to grow, Zepz remains focused on a single mission: making cross-border payments more inclusive, transparent, and impactful. With new capital and a bold product roadmap, it’s well on its way to redefining the future of migrant finance.
