WorldRemit Group has rebranded after raising £213 million in Series E financing which values it at £3.7 billion.

The parent company will now be known as Zepz, with WorldRemit branding retained on its digital cross-border payments platform.

Following the acquisition of Sendwave this year, that branding will also be retained.

The funding round includes new equity investors Farallon Capital among others, as well as backing from existing investors Leapfrog, TCV and Accel. It will allow Zepz to expand into new markets.

The group has 11 million users across 150 countries, reaching more than 5,000 money transfer corridors, including emerging markets with high barriers to entry which had previously been underserved. 

It says its brands offer a faster and more flexible user experience at fairer prices, with 85% of transactions settled in minutes. Its average customer uses the platform around four times per month.

“Today’s announced raise is another important step in the execution of our strategy,” said CEO Breon Corcoran. 

“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’s brands enabled over 4.5m monthly transactions, generating almost $10bn of gross send volumes and $338m of revenues.