WorldRemit parent company set to go public in New York
Zepz, a UK-based fintech company, is making final plans to go public in New York. The company will be seeking a valuation of more than $6 billion.
WorldRemit to go public
Zepz is a large money transfer company that was formerly known as WorldRemit. The firm changed its name to Zepz after acquiring SendWave in a $500 million deal.
The plans to go public were revealed by Bloomberg, which cited people with knowledge on the matter. According to the report, Zepz will go public as soon as in the second quarter of this year.
The company has selected Goldman Sachs, Barclays, and JP Morgan as advisors for the transaction. According to Crunchbase, the firm raised $292 million in August last year at a $5 billion valuation. It processed about 50 million transactions in 2020.
Tough time for fintech companies
The rumours of a Zepz IPO came at a tough time for fintech companies. For example, Wise, the London-based money-transfer company, has lost more than 30% of its value as a public company.
Similarly, Remitly share price has dropped by more than 74% since it went public in 2021. It is now valued at $1.8 billion.
Giant tech firms have not been left behind as well. PayPal’s stock has crashed hard, erasing almost $200 billion of value in the past 12 months. Other fintech companies that have struggled as public companies are Nubank, Affirm, and Block. Therefore, if the market remains under pressure, there is a likelihood that Zepz will shelve its IPO.