Banking

WorldRemit Group rebrands as Zepz, raises $292m Series E funding

International money transfer service WorldRemit Group has rebranded as Zepz, announcing the news alongside a bumper $292 million Series E fundraise.

The company will retain both the Sendwave and WorldRemit brands

The round included participation from Farallon Capital among others, as well as backing from existing investors Leapfrog, TCV, and Accel.

The London-based company, which last raised $175 million in a Series D round in 2019, says the new injection takes its valuation up to $5 billion.

Zepz provides an online cross-border payments platform covering 150 countries. The rebrand follows the firm’s recent acquisition of remittance company Sendwave.

Breon Corcoran, CEO of Zepz, says: “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.”

Zepz says the two brands currently serve 11 million users, enabling more than 4.5 million monthly transactions on its platform in 2020.

It will use the new funds to further develop its platform and technology as it looks to expand into new markets and offer additional services.

Corcoran adds the raise will accelerate his company’s aim to “provide fair, fast, [and] flexible payments for our customers”.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button