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Zepz has raised $292 million in new primary Series E financing

23/8/2021 | 2 mins

The funding round will allow Zepz to maximise strategic flexibility and drive further growth.

Zepz, formerly WorldRemit Group, a digital cross-border payments platform operating two market-leading brands (WorldRemit and Sendwave, acquired in 2021), with over 11 million users* across 150 countries, today announces it 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 and is characterised by high prices and poor customer experience.

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. WorldRemit and Sendwave brands offer a faster (85% of transactions settled in minutes) and more flexible (digital offering with multiple pay-in and pay-out options) user experience at fairer prices. This superior value proposition has enabled multi-year customer engagement on its platform - most users transact in a frequent, habitual manner - with Zepz’ average customer transacting c.4x per month on the platform.

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.

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”.

In 2020, Zepz’ brands enabled over 4.5m monthly transactions on its platform generating almost $10bn of Gross Send Volumes and $338m of revenues.

*Users include senders and recipients who transacted in the twelve months ending December 31 2020, on a combined basis for WorldRemit and Sendwave

About Zepz:

Zepz is powering two leading global payments brands: WorldRemit and Sendwave. We represent brands that disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making global digital payments fairer, faster, and more flexible. Our brands currently send from 50 to 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ around 1,500 people globally.

On the sending side our brands are 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, our brands offer a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Zepz’ headquarters are in London, United Kingdom with regional offices in the United States, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, Poland, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

www.zepzpay.com

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About WorldRemit

We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.

Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money. 

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

About Zepz

Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.

Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.

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