Home » Somali mogul Ismail Ahmed shocks industry as Zepz surpasses $800 million in funding

Somali mogul Ismail Ahmed shocks industry as Zepz surpasses $800 million in funding

by Mfonobong Nsehe
Ismail Ahmed

Zepz, a leading tech startup led by Somali tycoon Ismail Ahmed, has revealed on its official website that it has successfully secured more than $800 million in debt and equity financing from various investors as it continues to maximize strategic flexibility and pursue further growth opportunities and expansion.

The recent disclosure highlights the tremendous growth and success of Zepz, a leading cross-border payment platform, over the past two years.

With a valuation of $5 billion, following a primary Series-E financing that raised $292 million, Zepz has solidified its position as one of the most valuable companies in its industry.

Under the guidance of Founder and Chairman Ismail Ahmed, Zepz has continued to thrive, with its total funding amount increasing from $699.7 million to $800 million in less than two years thanks to the support of prominent investors such as Accel, TCV, and Leapfrog, a private investment firm specializing in high-growth financial services and healthcare companies.

Zepz, the parent company of the renowned global payments brands WorldRemit and Sendwave, is disrupting the conventional P2P cross-border payments market with its innovative approach.

With the acquisition of Sendwave for a staggering $500 million in 2020, Zepz is making waves in a market valued at more than $1 trillion.

Despite the sheer size of this market, it remains largely untapped, with high fees and inadequate customer experience being the norm.

Zepz is striving to change this by revolutionizing the P2P cross-border payments industry with its cutting-edge solutions and unparalleled customer experience.

Under Ahmed, the worldwide client base of WorldRemit, the core unit of Zepz Group, has skyrocketed to more than 5.7 million as a result of its commitment to technological innovation and the widespread adoption of cross-border transfers and payments. 

With unwavering dedication and a sharp business sense, Ahmed who founded WorldRemit in 2010 has been instrumental in propelling WorldRemit to the forefront of the peer-to-peer cross-border payments industry, having spent 20 years in the money transfer industry in various academic, consulting, and in-house positions.

After successfully orchestrating the acquisition of Sendwave and seamlessly integrating it with WorldRemit as a subsidiary under the Zepz umbrella, Ahmed and his team are now setting their sights on a coveted listing on the New York Stock Exchange.

This will reinforce their position as a leader and solidify their dominance in the industry.

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