Zepz, previously dba WorldRemit, a digital cross-border payments platform operating two brands (WorldRemit and Sendwave, acquired in 2021), with 11 million+ users across 150 countries, has secured $292 million “in new primary financing, achieving a valuation of $5 billion,” according to a release.
The latest investment round includes new equity investors Farallon Capital among others, as well as “backing from existing investors Leapfrog, TCV and Accel.”
As stated in the announcement, Zepz aims to revolutionize the P2P cross-border payments market, “an estimated $1tn market opportunity which continues to be predominantly offline and is characterized by high prices and poor customer experience.”
Zepz reaches more than 5,000 money transfer corridors, including emerging markets with “high barriers to entry,” establishing digital connectivity into geographies that had “previously been underserved.”
The announcement also mentioned that WorldRemit and Sendwave brands provide “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.”
The release further noted that 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 capital injection should allow Zepz to invest in its tech, 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, stated:
“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.”
Last year, Zepz’ brands enabled more than 4.5 million monthly transactions via its platform, generating nearly $10 billion in Gross Send Volumes and around $338 million of revenues.
Zepz is powering major payments brands: WorldRemit and Sendwave.
The company says that it represents 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.”
The firm’s 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.”
As explained in the announcement:
“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’ head offices are in London, UK with additional offices in the US, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, and several other jurisdictions.