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- Zepz
Zepz Revenue, Valuation, Funding & Investors
Zepz is valued at $5B as of August 2021, a 14.8x multiple on its last reported $338M revenue.
Last Zepz valuation
$5B
Series E · Aug 2021
Last Zepz funding round
$267M
Series F · Oct 2024
Zepz revenue
$338M
Series E · Aug 2021
Key investors in Zepz
Accel
TCV
LeapFrog Investments
International Finance Corporation
Hedosophia
Farallon Capital Management
About Zepz
Zepz is a London-headquartered fintech operating WorldRemit and Sendwave brands for international money transfers. The platform serves customers in 50 countries, facilitating remittances to over 140 destinations in Europe, Asia, Africa, Australia, and the Americas. Recipients access funds via bank deposits, cash pickup at 25,000 locations, mobile wallets, or airtime top-ups. Zepz processed billions in transfer volume annually through its digital-first model.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Revenue
$338M (Aug 2021)
Valuation
$5B (Aug 2021)
Zepz Valuation
Zepz is currently valued at $5B, based on its Series E in August 2021.
The $292M round was led by Farallon Capital Management, with participation from LeapFrog Investments, TCV, Hedosophia and Accel.
Zepz's valuation has grown 10x from $500M at its Series B in February 2015 to $5B in August 2021, across 4 priced rounds.
Zepz valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2021 | Series E | $5B | 14.8x |
| Jun 2019 | Series D | $900M | 5.5x |
| Dec 2017 | Series C | $668M | 5.5x |
| Feb 2015 | Series B | $500M | - |
Zepz Revenue
Zepz's latest recorded revenue is $338M, as of its Series E in August 2021. At a $5B valuation, that implies a 14.8x revenue multiple.
Revenue grew from $121M in December 2017 to $338M in August 2021, while the revenue multiple moved from 5.5x to 14.8x.
Zepz revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2021 | $338M | $5B | 14.8x | Series E |
| Jun 2019 | $163M | $900M | 5.5x | Series D |
| Dec 2017 | $121M | $668M | 5.5x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Zepz Funding History
Zepz has raised a total of $878M across 7 funding rounds.
Zepz's first fundraising round was a $2M seed round in January 2013. The most recent completed round was a $267M Series F in October 2024.
Zepz funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2024 | Series F | Accel (lead); Coller Capital; THE WORLD BANK; LeapFrog Investments; TCV; International Finance Corporation | $267M | - | Zepz, formerly WorldRemit, is a London-headquartered international money transfer and cross-border payment service that operates the WorldRemit and Sendwave brands. The company serves over 11 million users across 150 countries and facilitates over 4.5 million monthly transactions, operating across 40 send countries and 90 receive countries. Zepz has regional offices in South Africa, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe, and the United States. The company achieved full-year profitability in 2022 after rebranding and integrating its acquisition of Sendwave. In October 2024, Zepz raised $267 million in a Series F funding round led by venture capital firm Accel, with participation from returning investors Leapfrog and TCV as well as new investors Coller Capital. The International Financial Corporation, a member of the World Bank Group, committed up to $20 million as part of the round. This Series F round followed a $292 million Series E raise in 2021 at a $5 billion valuation, when Zepz acquired Sendwave and rebranded from WorldRemit. The company announced it would use Series F proceeds to expand into new markets, support new product launches including Zepz Wallet, and channel more capital toward growth and innovation. According to reports citing Accel partner Harry Nelis, investors are not in a hurry to take Zepz public, and the company had paused earlier initial public offering plans. Despite reaching profitability, Zepz underwent significant workforce reductions in 2023, laying off 26% of its approximately 1,600-person workforce in early 2023 followed by an additional 30% reduction months later. |
| Aug 2021 | Series E | Farallon Capital Management (lead); LeapFrog Investments; TCV; Hedosophia; Accel | $292M | $5B | Zepz, formerly WorldRemit Group, operates a digital cross-border payments platform with brands WorldRemit and Sendwave, serving over 11 million users across 150 countries and more than 5,000 money transfer corridors. The company, founded in 2010, focuses on faster transactions (85% settled in minutes), flexible pay-in/pay-out options, and fair pricing in the $1tn P2P cross-border payments market, which remains largely offline. In 2020, Zepz enabled over 4.5 million monthly transactions, generating almost $10bn in gross send volumes and $338m in revenues. On August 23, 2021, Zepz raised $292 million in a new primary Series E financing round led by Farallon Capital Management, with participation from LeapFrog Investments, TCV, and Accel, achieving a post-money valuation of $5 billion. This funding followed the 2021 acquisition of Sendwave and a prior $175 million Series D in 2019, bringing total raised to around $692 million across multiple rounds. The investors included both new equity backers like Farallon and existing supporters. The capital aims to enhance technology, platform, and customer proposition, drive engagement in existing markets, expand into new geographies, and add value-added services. Zepz, headquartered in London with global offices, employs around 1,500 people and positions itself to address underserved emerging markets with high barriers to entry. CEO Breon Corcoran highlighted the raise as key to accelerating growth post-Sendwave integration and rebranding to Zepz while retaining both brands. |
| Jun 2019 | Series D | Accel (lead); LeapFrog Investments (lead); TCV (lead) | $175M | $900M | Zepz is a fintech company operating two global remittance brands, WorldRemit and Sendwave, facilitating cross-border payments across 130 recipient countries and 5,000+ money transfer corridors. The company provides digital-first international money transfers serving over 9 million users, with customers conducting approximately four transactions monthly on average. In the Series D funding round in June 2019, Zepz achieved a $900 million valuation while raising capital to accelerate technology development and expand its platform capabilities. The company had previously demonstrated strong revenue generation, with 2020 revenues reaching $338 million and 2023 revenues of $456 million, along with monthly send volumes exceeding $1.3 billion. By 2021, Zepz completed a Series E round raising $292 million at a $5 billion valuation, reflecting continued investor confidence in the company's market leadership in disrupting traditional remittance services dominated by offline providers like Western Union. |
| Dec 2017 | Series C | LeapFrog Investments (lead); TCV; Accel | $40M | $668M | Zepz, formerly WorldRemit, is a London-based digital remittances provider enabling affordable online money transfers from customers in 50 markets to recipients in 130 countries, serving migrant workers with services like instant transfers, bill payments, and cash pickups at lower fees than traditional banks. The company processes over $1.3B in monthly send volumes across 5,000+ transfer routes, acquiring ~100,000 new customers monthly as of recent data. Zepz has expanded through acquisitions like Sendwave, rebranded in 2021, and continued fundraising including $267M in 2024 led by Accel with LeapFrog and TCV, focusing on African markets despite delaying IPO plans. |
| Feb 2015 | Series B | Accel (lead); TCV | $100M | $500M | - |
| Oct 2013 | Seed | - | $2M | - | - |
| Jan 2013 | Seed | - | $2M | - | - |
Who has invested in Zepz?
8 investors have backed Zepz across its funding rounds, including Accel, TCV, LeapFrog Investments, International Finance Corporation, Hedosophia and Farallon Capital Management.
Lead investors include Accel, Farallon Capital Management, LeapFrog Investments and TCV.
Zepz Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Feb 2015 | ||
| 5 | Lead | Feb 2015 | ||
| 4 | Lead | Dec 2017 | ||
| 1 | Participant | Oct 2024 | ||
| 1 | Participant | Oct 2024 | ||
| 1 | Participant | Oct 2024 | ||
This data is available for Pro users. Sign up to see all 8 Zepz investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Zepz
Zepz has acquired 2 companies to date.
Last acquisition by Zepz was on January 20th 2026. Zepz acquired Pomelo for undisclosed valuation.
Latest Acquisitions by Zepz
| Description | Pomelo is a San Francisco-based fintech company that offers integrated credit products and low-cost international remittances tailored for immigrants in the United States. The platform enables users to send money to over 110 countries through partnerships with Visa and Mastercard, processing millions in transfers annually. Founded in 2020, Pomelo has raised over $45 million from investors including Founders Fund and Kevin Hartz of Xoom. It serves primarily Latino communities with features like borderless credit cards and savings accounts denominated in recipients' home currencies such as Mexican pesos. Pomelo's mobile app facilitates instant transfers at rates up to 90% lower than traditional providers like Western Union. | Sendwave is a Toronto-headquartered mobile app for fee-free remittances from the US, UK, EU, and Canada to recipients in Kenya, Uganda, Tanzania, Ghana, Uganda, and Nigeria. Transfers complete instantly using local mobile money like M-Pesa or bank deposits. Regulated in multiple jurisdictions, Sendwave processes millions in annual volume with competitive exchange rates. |
| HQ Country | ||
| HQ City | San Francisco, CA | Boston, MA |
| Deal Date | 20 Jan 2026 | 25 Aug 2020 |
| Valuation | undisclosed | $500M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Zepz acquisitions and their M&A valuation multiples. Start Free Trial | ||
Zepz Competitors
Zepz competitors include listed companies like PagSeguro, Euronet Worldwide, Payoneer and Flywire, and private ones like Fintiv and Naver Financial Corp..
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $4B | $1.7B | $2.6B | 2.6x | ||
| Publicly listed | $4.2B | $648M | $2.5B | 0.7x | ||
| Publicly listed | $821M | ($43M) | $2.4B | 2.0x | ||
| Private | - | - | $2.4B | - | ||
| Private | - | - | $2.3B | - | ||
| Publicly listed | $623M | $45M | $2.2B | 2.6x |
Zepz Public Comps
Zepz is still privately-owned, but its public comps include Remitly Global, Paymentus, Nexi, GMO Payment Gateway, dLocal, Kakao Pay, Shift4 Payments, PagSeguro, Euronet Worldwide and Edenred.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $97M | 2.4x | 2.1x | 41.0x | 10.6x | |||
| $1.2B | $117M | 3.5x | 3.0x | 35.8x | 24.8x | |||
| $7.2B | ($2.3B) | 0.6x | 1.0x | (1.9x) | 2.0x | |||
| $530M | $229M | 6.4x | 5.6x | 14.7x | 12.5x | |||
| $1.1B | $229M | 3.1x | 2.3x | 14.6x | 10.7x | |||
| $698M | $58M | 5.6x | 4.7x | 67.9x | 30.9x | |||
| $4.2B | $758M | 1.8x | 3.2x | 10.0x | 6.9x | |||
| $4B | $1.7B | 2.6x | 2.6x | 6.1x | 12.2x | |||
This data is available for Pro users. Sign up to see all Zepz competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Zepz
| When was Zepz founded? | Zepz was founded in 2010. |
| Where is Zepz headquartered? | Zepz is headquartered in London, United Kingdom. |
| Is Zepz publicly listed? | No, Zepz is a private, VC-backed company. |
| What is Zepz's valuation? | Zepz was last valued at $5B in its Series E in August 2021. |
| How much funding has Zepz raised? | Zepz has raised $878M across 7 funding rounds. |
| What was Zepz's last funding round? | Zepz's last funding round was a $267M Series F in October 2024, led by Accel. |
| Who are Zepz's investors? | Zepz's investors include TCV, Accel, LeapFrog Investments, Coller Capital, THE WORLD BANK, International Finance Corporation, Farallon Capital Management and Hedosophia. |
| What is Zepz's revenue? | Zepz's latest recorded revenue is $338M (August 2021). |
| What is Zepz's revenue multiple? | Zepz's latest valuation implies a 14.8x revenue multiple ($5B valuation on $338M of revenue). |
| Which companies are comparable to Zepz? | Companies comparable to Zepz include PagSeguro, Euronet Worldwide, Payoneer, Fintiv, Naver Financial Corp. and Flywire. |
| How many companies has Zepz acquired? | Zepz has acquired 2 companies, including Pomelo and Sendwave. |
| What was the largest acquisition by Zepz? | The $500M acquisition of Sendwave in August 2020 is the largest acquisition Zepz has made to date. |
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