(Bloomberg) -- Zepz, the company formerly known as WorldRemit, has raised $292 million in a fundraising round that values the money-transfer business at $5 billion.
The round includes new investors including Farallon Capital as well as existing shareholders LeapFrog, TCV and Accel, the London-based company said in a statement on Monday, confirming an earlier Bloomberg News report.
The company created the Zepz brand after WorldRemit bought Africa-focused remittance app Sendwave in a $500 million deal announced last August. The Sendwave acquisition valued the combined companies at more than $1.5 billion, Bloomberg News reported at the time. WorldRemit, a cross-border digital payments service, was created in 2010, inspired by founder Ismail Ahmed's frustration at the high transaction fees other services charged to send money to his family in East Africa.
Zepz said it will use the funding to invest in its technology and platform as well as its “customer proposition.”
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
