WorldRemit was founded in 2010 by Ismail Ahmed, a Somali-born entrepreneur who experienced the challenges of sending money to Africa while living in London. The company set out to replace expensive cash-based remittances with a fully digital service.
In 2021, WorldRemit merged with Sendwave (a mobile money transfer app focused on Africa) under a new parent company called Zepz. The combined entity became one of the largest digital remittance companies globally, competing with Remitly, Wise, and Western Union’s digital channels.
WorldRemit allows users to send money from over 50 countries to more than 130 destinations. Recipients can receive funds via bank transfer, mobile money, airtime top-up, or cash pickup. The mobile money option is particularly important for African corridors where many recipients don’t have bank accounts but do have mobile money wallets like M-Pesa or MTN Mobile Money.
The company has raised over $400 million in total funding from investors including TCV, Accel, and Leapfrog Investments. At its peak, Zepz (the parent) was valued at around $5 billion, though that figure has come under pressure as the competitive environment intensified.
Zepz went through a difficult period in 2022-2023, with multiple rounds of layoffs as it worked to cut costs and push toward profitability. The company handles millions of transfers annually and remains one of the top remittance apps for Africa and South Asia corridors. WorldRemit is headquartered in London with offices across Africa, Europe, and the Americas.
