Firm raises $292 million in Series e financing
Zepz, formerly WorldRemit Group, a digital cross-border payments platform has raised $292 million in new primary financing, achieving a valuation of $5 billion.
The round includes new equity investors, Farallon Capital among others, as well as backing from existing investors Leapfrog, TCV and Accel.
Zepz is revolutionizing the P2P cross-border payments market, an estimated $1tn market opportunity, which continues to be predominantly offline characterised by high prices and poor customer experience.
The funding round will allow Zepz to continue to invest in its technology, platform and customer proposition. Zepz 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.
Speaking on the achievement, Chief Executive Officer, Zepz, Breon Corcoran, said the feat is another important step in the execution of its 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 sizable growth opportunity whilst further strengthening our high-quality investor base and our mission to provide fair, fast, flexible payments for our customers,” he said.
Zepz reaches over 5,000 money transfer corridors, including emerging markets with high barriers to entry, establishing digital connectivity into geographies that had previously been underserved.
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