Digital Money Transfer firm, World Remit, now Zeps has has announced that it raised $292 million in new primary Series financing, thus achieved a valuation of $5 billion.
The company in a statement said the round includes new equity investors Farallon Capital among others, as well as backing from existing investors Leapfrog, TCV and Accel.
The funding round, it added, will stir more growth in Nigeria’s technology market which already is projected to create three million jobs in the economy.
The organisation in the statement informed that the fund would enable its invests in customers and strengthen its technology platform.
It stated further that it foresees a significant growth opportunities in existing markets, thus driving engagement and deeper market penetration, as well as expanding into new markets.
It said the opportunity had enabled it to further extend its platform to offer additional value-added services to its users.
Speaking on the fund, Chief Executive Officer of Zeps, Breon Corcoran said, ” The 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”.
In 2020, Zepz brands enabled over 4.5m monthly transactions on its platform generating almost $10bn of Gross Send Volumes and $338m of revenues.
– Bloomberg