Digital Cross-Border Funds Platform WorldRemit Rebrands to Zepz
With a $5 billion valuation and $292 million in funding, WorldRemit rebrands as Zepz.
The London-based digital cross-border fund platform WorldRemit recently revealed that it has raised $292 million and is valued at $5 billion. In response to a formal statement released by the company, current investors Leapfrog, TCV, and Accel are joined in the most recent investment round by new equity investors Farallon Capital.
Along with its Series E fundraising, WorldRemit also revealed its rebranding as Zepz. To speed up its growth, Zepz intends to invest more in its platform, client offering, and technology. According to Breon Corcoran (previously of WorldRemit), the company’s plan is being implemented, and the latest fundraising round is an important step in that process. Additionally, he stated that the company has made significant progress in combining the two businesses since acquiring Sendwave and that they plan to maintain the WorldRemit and Sendwave trademarks.
Earlier this year, TransferWise—once the top cross-border fund platform—changed its name to Wise. It also involved expanding its offerings.
With its headquarters in London, Zepz runs two international payment networks: Sendwave and WorldRemit. Over 4.5 million transactions per month were made possible by Zepz’s payment transfers last year, bringing in $338 million in revenue and close to $10 billion in gross volumes. Additionally, the corporation maintains regional offices in Hong Kong, Australia, Singapore, Malaysia, and the United States.
“Zepz sees significant growth opportunities in its existing markets by driving engagement and deeper market penetration, as well as expanding into new markets and further extending its platform to provide additional value-added services to its customers,” according to the news release issued by the business.
