- Zepz, formerly known as WorldRemit, has confirmed that it will receive investment from a wide range of new and existing backers – including companies such as Farallon Capital and TCV.
- The money will be used to expand the company’s offer and improve the service for customers.
- “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,” said a senior Zepz figure.
Zepz, a leading international money transfer organisation, has confirmed that it has received almost US$300m in Series E financing.
The company, which was previously known as WorldRemit, said that it was now valued at US$5bn.
Zepz was renamed after it acquired the firm Sendwave in 2021.
In total, the firms have more than 11 million users globally.
It has been bolstered by the backing of leading equity investors, including new investors such as Farallon Capital.
Existing investors such as Accel and Leapfrog have made contributions.
TCV has also given an additional round of funds.
According to Zepz, the new funding will permit the company to invest further in its offer to customers.
It will direct some of the cash towards its technology and platform offering and will also use some of it to grow across markets.
Zepz is based in London, though it has a number of regional sub-offices in nations around the world, including the US and Canada.
In a statement, a senior figure at Zepz said that the company was treating the new round of funding as a particular milestone in its strategic investment road.
Breon Corcoran, the firm’s chief executive officer, also pointed out that it came at a busy time for the firm.
“Today’s announced raise is another important step in the execution of our strategy,” he said.
“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.”
He went on to say that the rebranding of the firm was something that it was “proud” of.
“In that context we are proud to announce the rebranding of our holding Company to Zepz.”
He concluded his statement by pointing out some of the ways that the company intended to use the money.
“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,” he said.
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