PROJECT

Projects

Summary of Investment Information

Project Number

50171

Company Name

WorldRemit Group Limited

Date SPI Disclosed

Oct 3, 2024

Country

Africa Region

Region

Africa

Projected Board Date

Nov 4, 2024

Environmental Category

B - Limited

Status

Active

Last Updated Date

Nov 21, 2024

Department

Disruptive Tech, Service & Funds

Industry

Financial Markets

Previous Events

Approved : Oct 31, 2024
Signed : Nov 18, 2024
Invested : Nov 19, 2024

Sector

Money transfer, remittances

Project Description

The proposed investment is an equity investment of US$20 million to WorldRemit Group Limited (Zepz or the “Company”) as part of its US$267 million Series X equity round. The Company, founded in 2010, provides digital cross-border consumer remittances via two brands: Sendwave and WorldRemit. Zepz serves over 9+ million users through its current presence in over 4,600 corridors with over 40 send countries and over 90 receive countries. IFC’s proposed equity investment will finance the Company’s permanent working capital and to further its foothold in emerging markets (the “Project”).

                                                   

Associated Advisory Engagement

                   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation