This funding helps Zepz reach a $5B valuation. Here are the top-line bullets you need to know.
Zepz, a digital money transfer platform, has raised $292M in a Series E. The round drew participation from Accel, LeapFrog Investments, Technology Crossover Ventures, and Farallon Capital Management.
HOW’S THE COMPANY PERFORMING?
- UK-based Zepz (previously known as WorldRemit Group) offers several online banking services, including money deposit and collection, mobile money and top-ups, and online cashless transactions.
- The company reported that its platform saw 4.5M monthly customer transactions in 2020. It also processed over $10B in transaction volume in that time, reaching over 5,000 money transfer corridors, including those in underserved parts of Asia and Africa.
- Zepz reported that it generated $338M in revenue in 2020.
- The company has 15 offices across the US, Australia, Canada, and several countries in Europe, Asia, and Africa — and it employs around 1,500 people.
WHY DOES THE MARKET MATTER?
- The global digital payment market is projected to grow at a CAGR of 19.4% to reach a value of $236.1B by 2028 according to Grand View Research.
- Covid-19 has accelerated the adoption of contactless wallet payment services across sectors. eWallets are witnessing an increasing number of “peer-to-peer” and “customer-to-business” payments due to the pandemic, and this trend is expected to continue.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting market growth. Moreover, banks are increasingly investing in digital payment infrastructures to compete with major players like Google, Amazon, and Facebook, which has further contributed to this growth.