The company intends to use the funding proceeds to continue investing in its technology, platform and customer proposition
WorldRemit raises $292m at $5bn valuation. (Credit: stokpic from Pixabay.)
UK-based cross-border payments firm WorldRemit has raised $292m in a new primary Series E financing round and changed its name to Zepz.
New equity investor Farallon Capital, along with existing investors Leapfrog, TCV and Accel, have participated in the funding round, which valued the company at $5bn.
Zepz said that it has significant growth opportunities both in its existing markets, along with expanding into new markets, further extending its digital payments platform.
The company intends to use the proceeds from the new funding round to continue investing in its technology, platform and customer proposition.
Zepz CEO Breon Corcoran said: “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.”
Zepz is engaged in providing cross-border payments through its brands WorldRemit and Sendwave and has 11 million users across 150 countries.
Based in London, UK, the firm has regional offices in the US, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
The company reaches more than 5,000 money transfer corridors, establishing digital connectivity into regions that were previously been underserved.
Its WorldRemit and Sendwave brands offer a faster and more flexible user experience, with multiple pay-in and pay-out options at reasonable prices, said the company.
Last year, the company enabled more than 4.5 million monthly transactions on its platform generating about $10bn of Gross Send Volumes and $338m in revenues.
Furthermore, Zepz claimed that its brands currently operate in more than 5,000 money transfer corridors worldwide, employing around 1,500 people.