LONDON–(COMMERCIAL THREAD) – Zepz, formerly WorldRemit, a digital cross-border payments platform operating two market-leading brands (WorldRemit and Sendwave, acquired in 2021), with over 11 million users1 in 150 countries, today announces that it has raised $ 292 million in new primary funding, reaching a valuation of $ 5 billion.
The round includes new investors in Farallon Capital shares, among others, as well as support from existing investors Leapfrog, TCV and Accel.
Zepz is revolutionizing the P2P cross-border payments market, an estimated $ 1 billion market opportunity that continues to be predominantly offline and 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 in geographies that were previously underserved. The WorldRemit and Sendwave brands offer a faster (85% of transactions settled in minutes) and more flexible user experience (digital offering with multiple payment and payment options) at fairer prices. This superior value proposition has enabled multi-year customer engagement on its platform – most users transact frequently and routinely – the average Zepz customer trades around 4 times per month on the platform.
The funding round will allow Zepz to continue investing in its technology, platform and customer proposition. Zepz sees significant growth opportunities in both its existing markets by driving engagement and deeper market penetration, as well as expanding into new markets and further expanding its platform to offer services. additional value added to its users.
Breon Corcoran, CEO of Zepz said:
“The increase announced today is another important step in the execution of our strategy. Following the acquisition of Sendwave, we made significant progress in integrating the various activities and keep the Sendwave and WorldRemit brands. In this context, we are proud to announce the rebranding of our holding company in Zepz. The additional funds raised allow us to accelerate investments to pursue our very important growth opportunity while strengthening our high quality investor base and our mission to provide fair, timely and flexible payments to our clients. ”
In 2020, Zepz’s brands enabled more than 4.5 million monthly transactions on its platform generating nearly $ 10 billion in gross shipment volumes and $ 338 million in revenue.
Zepz powers two major global payment brands: WorldRemit and Sendwave. We represent brands that have revolutionized an industry previously dominated by old offline players by accepting international money transfers online, making global digital payments fairer, faster and more flexible. Our brands currently send 50 to 130 countries, operate in more than 5,000 money transfer corridors around the world, and employ approximately 1,500 people worldwide.
On the shipping side, our brands are 100% digital (cashless), which increases convenience and security. For those who receive cash, our brands offer a wide range of options, including bank deposit, cash collection, mobile credit top-up and mobile money.
Zepz head office is in London, UK, with regional offices in US, Canada, Australia, Hong Kong, Singapore, Malaysia, Philippines, South Africa, Somaliland, in Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
1Users include senders and recipients who transacted in the twelve months ending December 31, 2020, on a combined basis for WorldRemit and Sendwave