Digital cross-border payments platform Zepz has raised $292m in new primary financing at a valuation of $5bn.
The round was joined by new equity investors including Farallon Capital as well as existing investors Leapfrog, TCV and Accel.
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By GlobalDataZepz, formerly known as WorldRemit, operates two payment brands, WorldRemit and Sendwave.
These brands are claimed to settle 85% of transactions in minutes and provide digital offering with multiple pay-in and pay-out options.
Zepz will use the new capital to continue investing in its technology, platform and customer proposition.
The company said that it sees significant growth opportunities both in its existing markets by driving engagement and deeper market penetration.
It is also looking to expand into new markets and further extending its platform to offer additional value-added services to its users.
Zepz CEO Breon Corcoran said: “Today’s announced raise is another important step in the execution of our strategy. 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. 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.”
The firm is headquartered in London, UK with regional offices in Canada, US, Australia, Hong Kong, Singapore, the Philippines, Malaysia, South Africa, Uganda, Somaliland, Kenya, Tanzania, Rwanda, Zimbabwe and Belgium.
