UK cross-border payments platform Zepz has secured $292m from a Series E funding round that has pushed its valuation up to $5bn.
The funding round saw participation from Farallon Capital, Leapfrog, Accel and venture capital firm TCV.
Zepz – formerly WorldRemit – is a digital cross-border payments platform that has over 11 million users across 150 countries. The company’s brands currently send from between 50 to 130 countries and operate in over 5,000 money transfer corridors globally and employ around 1,500 worldwide.
Zepz claims its brands enabled over 4.5m monthly transactions on its platform last year, which generated almost $10bn of gross send volumes and $338m of revenues.
Zepz is headquartered in London and also has regional offices in the US, Australia, Hong Kong, Singapore, Malaysia, Canada, South Africa, Belgium, Rwanda, Uganda, Kenya, Zimbabwe, Somaliland, and Tanzania.
Following the Series E, Zepz intends to use the newly raised capital to continue to invest in its technology, platform and customer proposition as well as grow in its existing markets and expand into new ones.
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