WorldRemit, a London-based digital cross-border payments platform, recently announced that it has secured $292 million in funding and received a valuation of $5 billion.
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.
In addition to the Series E funding, WorldRemit announced its rebranding as Zepz. The latest funding will allow Zepz to accelerate its expansion. In addition, the company is planning to increase investment in its technology, customer proposition and platform.
Commenting on the recent funding round and rebranding, Breon Corcoran, CEO of Zepz (formerly WorldRemit), 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.”
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Earlier this year, TransferWise, a leading cross-border payments platform, rebranded to Wise and announced the expansion of its services.
Headquartered in London, Zepz operates two international payments brands (Sendwave and WorldRemit). Last year, Zepz’ brands enabled over 4.5 million monthly transactions on its platform generating almost $10 billion of gross send volumes and $338 million of revenues. In addition to London, the company has regional offices in different countries including the US, Malaysia, Singapore, Hong Kong and Australia.
“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,” the company mentioned in the press release.