WorldRemit, a private equity-backed cross-border payments company that acquired Sendwave, an app-based remittances business with operations in East and West Africa, in a stock and cash transaction thought to be worth as much as $500 million, has raised more capital and rebranded itself. A group of investors led by San Francisco-based Farallon Capital are investing $292 million in the firm in a deal that reportedly values the business at $5 billion.
The investment is actually being made in Zepz, the brand replacing WorldRemit as the name of the holding company prompted by the acquisition and integration of Sendwave. The fresh capital will be used for technology development, improving its platform, and sales and marketing efforts to grow its current user base of 11 million customers further. It’s planned that the WorldRemit and Sendwave brands will still be used in their respective markets.
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