WorldRemit Group has rebranded as Zepz after raising $292 million in new primary financing.
The cross-border payments provider is now valued at $5 billion. The round includes new equity investors Farallon Capital among others, as well as backing from existing investors Leapfrog, TCV and Accel.
Zepz provides a payments service covering 150 countries through WorldRemit and the recently acquired Sendwave, an Africa-focused remittance company.
The UK-headquartered fintech, which has regional offices around the world, says the new funding will be invested in in its technology, platform and customer proposition.
Breon Corcoran, chief executive officer of Zepz, says: “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.”
In 2020, Zepz says its brands enabled more than 4.5 million monthly transactions on its platform, generating almost $10 billion of gross send volumes and $338 million of revenues.