WorldRemit reaches $ 5 billion valuation and renames itself Zepz
Cross-border digital payments platform Zepz – formerly WorldRemit – became a $ 5 billion company on Monday, August 23 after raising $ 292 million in new Series E primary funding.
“The additional funds raised allow us to accelerate investments to pursue our very important growth opportunity while strengthening our high quality investor base and our mission to provide fair, timely and flexible payments to our clients,” said Zepz CEO Breon Corcoran in a statement. Release.
The funding round includes new equity investor Farallon Capital, as well as support from existing investors Leapfrog, TCV and Accel. As PYMNTS reported last week, this funding round precedes a possible initial public offering (IPO) for the London-based company.
Read more: WorldRemit Raises Funds Ahead of Possible IPO at $ 5 Billion Valuation
Until recently, Zepz was known as WorldRemit, but chose to change its name in light of the new funding and the new valuation.
The company bought the Africa-focused Sendwave remittance app last August in a deal that valued the two companies at $ 1.5 billion. The following month, WorldRemit launched its Transfer Tracker mobile app in 90 countries, allowing recipients to track their remittances.
The app comes with a ‘track my money’ feature, designed for the 1.7 billion people around the world who don’t have access to a bank account or an account with mobile money providers, or those who use cash pickup agents.
Last year, Sendwave and WorldRemit enabled more than 4.5 million monthly transactions on its platform, generating nearly $ 10 billion in gross shipment volumes and $ 338 million in revenue, according to the release. company press.
“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 expanding its platform to offer additional value-added services to its users, ”the statement said.
According to Zepz, its two brands offer a faster and more flexible user experience, with 85% of transactions completed within minutes and multiple checkout and checkout options.