Cross-Border Payment Group Zepz Reaches Profitability in H1 ’22

Zepz, the group making remittance payments fair, fast and affordable by powering global cross-border remittance brands WorldRemit and Sendwave, recently announced the 2021 financial results that will be “published in its upcoming Companies House Listing Annual Report as well as an H1 ‘22 performance update, alongside the appointment of its new Group CFO, Robert Mitchell.”

Mitchell has “held several financial leadership roles including CFO of PayPal’s Venmo, where he led the team that expanded Venmo’s platform to include cryptocurrencies, a co-branded credit card and commerce services.”

Most recently, Mitchell was “the CFO at Fast, an online checkout company acquired by Affirm, where he also served as a member of its Board of Directors.” He brings “over a decade of experience in global senior finance and operational roles delivering growth and profitability for payments and fintech businesses.”

Mark Lenhard, Group CEO, Zepz says:

“We are delighted to welcome Robert to the executive management team at Zepz. Based in New York, Robert’s expertise in running scaled global payments, credit and financial services operations makes him ideal to help enable the future growth of Zepz.”

2021 Financial Results:

Following the announcement of the SendWave acquisition in February 2021, and the group’s $292M Series E fundraising in August 2021, “its revenue grew 67% from $238M in 2020 to $399M in 2021.”

The Group has “continued to build a global network of direct relationships with financial institutions, mobile telecommunications companies and other business partners, connected to service our millions of customers via our mobile cross-border payments platform.”

Zepz H1 2022 Performance Update:

Zepz has “spent the first half of the year focusing on both the profitability of the business as well as an efficient approach to growth.”

Investments into marketing, talent and technology “have enabled Zepz to deliver payback on customer acquisition costs within six months and pave the way for more aggressive growth in the future.”

WorldRemit has “continued to deliver on its purpose to enrich the world by championing the movement of money, knowledge and ideas in H1.”

This will “enable five countries in the world to receive over half a billion US Dollars of remittances through WorldRemit this year.” In the first half of the year WorldRemit users “have sent more than US $2B to the African continent.”

Sendwave continues “to experience steep growth by making the sending of money from anywhere as easy and affordable as sending a text, with total H1 2022 send volume growing more than 30% year over year globally.”

Multiple new send corridors “were launched in 2020, which have grown over 150% in the first half of the year.”

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