UK payments firm Zepz rakes in $165m
UK-based remittance company Zepz has secured a $165m growth financing package, which includes a $110m revolving credit facility led by HSBC Innovation Banking.
This package also includes a $55m term facility underwritten solely by HSBC Private Credit.
The move is subject to financial covenants, such as maintaining minimum EBITDA and an adjusted quick ratio, according to UKTN.
An "accordion" feature within the facility allows Zepz, subject to lender approval, to request an increase of the revolving commitment by up to an additional $60m.
The new financial arrangement replaces a previous revolving credit facility expired on 29 November 2024.
In 2023, the facility's interest rate was a substantial 14.73%, according to WorldRemit's accounts.
Zepz CFO Barrie Morris said: 'By lowering borrowing costs, this facility improves our financial flexibility and ensures we can continue delivering high-quality, cost-effective services.
'The additional capital allows us to strengthen our operations, supporting our long-term growth and commitment to our customers.'
Zepz operates two remittance brands, WorldRemit and Sendwave.
In June last year, Zepz raised $267m in a Series F round, led by venture capital firm Accel, with TCV and Leapfrog also participating.
The shares from this round carry a 14.5% annual dividend, accruing daily and compounding semi-annually.
In February this year, Zepz made headlines for reportedly laying off dozens of IT workers and closing business units in Poland and Kenya, affecting roughly 200 staff members.
This equates to approximately 20% of its global headcount of 1,000 as of January.
Zepz confirmed the headcount reduction to CNBC, stating that the decision was made to 'sustainably support the next phase of long-term strategic goals and continued growth.'
"UK payments firm Zepz rakes in $165m" was originally created and published by Electronic Payments International, a GlobalData owned brand.
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