Money makes the world go round. Zepz, formerly known as WorldRemit is seeking an IPO valued at around $6b. Zepz is a digital cross-border payments platform with more than 11 million users across its two brands, WorldRemit and Sendwave. Zepz connects more than 5,000 money transfer corridors and the money raised will be used to expand the platform to growing markets.
In more payments news, PayPal (PYPL) has seen a 13% revenue raise at $6.9b in its last quarter. With these numbers, no wonder Zepz is onto payment innovation veterans like PayPal.
Why it matters
Digital and instant payments have got the world's attention. As a part of its National Payment Systems Strategy, the Central Bank of the UAE will be working with Accenture (ACN) to allow real-time payments and fund transfers 24 hours a day. Saudi Arabia aims to have 70% of its payments non-cash by 2030, and the payments market in MENA is expected to grow 6.5% between 2020-25.
