The parent company behind renowned remittance services WorldRemit and Sendwave, London-based Zepz has successfully obtained €152 million(US$167.99million) in combined revolving and term credit facilities.
According to EU Startups, this strategic financial boost is set to strengthen their market position significantly.
The financing, comprising a €101.7 million revolving credit facility and a €50.8 million term facility, was spearheaded by HSBC Innovation Banking with HSBC Private Credit acting as the sole underwriter. This arrangement supersedes a prior €74 million credit facility, marking a significant escalation in support and confidence from HSBC Innovation Banking UK, with whom Zepz has enjoyed a decade-long fruitful relationship.
Zepz operates at the forefront of the global remittance market, facilitating seamless and secure cross-border transactions through its WorldRemit and Sendwave brands. The firm is dedicated to making financial services more accessible, reducing costs, and improving the safety and convenience of money transfers worldwide.
With the new funds, Zepz plans to invest in technology that will further speed up transactions and enhance the reliability of cross-border money transfers. This move is expected to improve pricing and foster ongoing innovation, thereby empowering migrants to overcome financial barriers and build more secure futures.
According to CFO at Zepz, Barrie Morris the enhanced financial flexibility from lower borrowing costs will allow Zepz to continue offering high-quality, cost-effective services. “The additional capital will strengthen our operations and support our long-term growth, reinforcing our commitment to our customers,” Morris explained.
Adding to the sentiment, Head of Corporate Credit Solutions at HSBC Innovation Banking UK, Angela Mylrea commented, “We are delighted to deepen our long-standing partnership with Zepz and mark this next milestone on the company’s growth journey. This facility showcases our commitment to providing flexible, tailored financial solutions to high-growth FinTech companies, and we are looking forward to supporting Zepz as it continues to strengthen its position and offering.”
In a previous round, Zepz raised €247 million in Series F funding, demonstrating the market’s strong confidence in the company’s capability to lead and expand within the global payments sector.
