WORLD – Mobile payments firm Zepz, formerly WorldRemit Group, has raised US$292 million in new primary Series E financing, achieving a valuation of US$5 billion.
The digital cross-border payments platform with a presence in Africa is operating two brands–WorldRemit and Sendwave, acquired in 2021, with over 11 million users across 150 countries.
According to an official announcement shared by the company, the recent funding round includes new equity investors, Farallon Capital among others, as well as existing investors Leapfrog, TCV and Accel.
“The funding round will allow Zepz to maximize strategic flexibility and drive further growth,” management said in a statement.
Zepz is revolutionizing the P2P (Peer-to-peer) cross-border payments market, an estimated $1trillion market opportunity, which continues to be predominantly offline and is characterized 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 settle 85 percent of transactions in minutes, with more flexible digital offering with multiple pay-in and pay-out options.
Zepz’s average customer transacts at least four times per month on the platform.
The funding round will allow Zepz to continue to invest in its technology, platform, and customer proposition, it said in a statement to newsrooms.
It 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.
“The additional funds raised enables 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”
“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,” Corcoran added.
In 2020, Zepz’s brands enabled over 4.5 million monthly transactions on its platform generating almost US$10 billion of Gross Send Volumes and US$338 million in revenues.
Zeps brands currently send from 50 to 130 countries, operating in more than 5,000 money transfer corridors worldwide and employs around 1,500 people globally.
Headquartered in London, it has regional offices in the US, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, Poland, Belgium, South Africa, Zimbabwe, Somaliland, Uganda, Rwanda, Tanzania, and Kenya.
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