Zeepay has secured additional $3 million from Verdant Capital Hybrid Fund as part of its Series A.5 funding round. Verdant Capital Hybrid Fund provided a preferred equity investment for the round, making them the fifth institutional shareholder of the company.
According to the Managing Director, Andrew Takyi-Appiah “the new funding raised will be used to strengthen our financial position in support of our high growth in 2024.”
What does Zeepay do?
Zeepay is a fast-growing player in the digital termination of remittance space and the mobile money market, with a footprint in over 20 countries globally. Since its inception in 2014, it terminates cross-border payments directly into mobile money wallets across Africa and the Caribbean.
What’s Zeepay’s track record like?
The company’s total processed volume increased from $1.9 billion in 2021 to $2.9 billion in 2022. This led to an increase in revenue from GH¢39.4 million to GH¢96.4 million within the same period.
The company is currently Africa’s biggest non-telco mobile money operator by balance sheet and revenue, with mobile money licenses in six countries – Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia and Barbados. It employs over 200 staff, with offices across Africa, Europe, and the Caribbean.
Who is backing Zeepay?
Zeepay is backed by a consortium of corporate and institutional investors. Publicly available data show that since its inception, the company has raised $24 million in equity and debt investment from equity investors such as GoodSoil VC, I&P, and ARK Holdings. It also raised debt and balance sheet funding from Symbiotics BV and commercial banks such as Absa Bank Ghana and First National Bank Ghana.
Zeepay is currently raising $14 million for its Series A.5 funding round from a consortium of international investors, including Oikocredit (the lead investor), Africa50, and I&P Afrique Entrepreneurs II LP.
Source: Techfocus24
