WorldRemit Raises US$292 Million at a Valuation of US$5 Billion, Rebrands as Zepzby Fintechnews Switzerland August 24, 2021
Zepz, a digital cross-border payments platform formerly known as WorldRemit, has raised US$292 million in a Series E financing round to achieve a valuation of US$5 billion.
The round includes new equity investors Farallon Capital among others, as well as backing from existing investors Leapfrog, TCV and Accel.
Bloomberg had previously reported that the firm was raising funds ahead of a potential initial public offering in 2022.
The firm rebranded as Zepz following the acquisition of Africa-focused remittance app Sendwave in 2021 to have a combined user base of over 11 million customers across 150 countries.
Zepz said that it will to continue to invest in its technology, platform and customer proposition.
The firm added that it sees significant growth opportunities both in its existing markets by driving engagement and deeper market penetration, as well as expanding into new markets and further extending its platform to offer additional value-added services to its users.
In 2020, Zepz’ brands enabled over 4.5 million monthly transactions on its platform generating almost US$10 billion of Gross Send Volumes and US$338 million of revenues.
Breon Corcoran, CEO of Zepz said,
“Today’s announced raise is another important step in the execution of our strategy. Following the acquisition of Sendwave we have made significant progress with the integration of the different businesses and are retaining both the Sendwave and WorldRemit brands.
In that context we are proud to announce the rebranding of our holding Company to Zepz. The additional funds raised enable us to accelerate investment to prosecute our very sizeable growth opportunity whilst further strengthening our high-quality investor base and our mission to provide fair, fast, flexible payments for our customers.”