The Innovation Spark
  • Home
  • GIJ
  • About Us
  • GIJ Reports
    • Ghana Startup Primer
  • Home
  • GIJ
  • About Us
  • GIJ Reports
    • Ghana Startup Primer
No Result
View All Result
The Innovation Spark

Zeepay secures $3 million to strengthen its financial position and support its growth.

by Staff Reporter
April 2, 2024
Reading Time: 2 mins read
0
Zeepay secures $3 million to strengthen its financial position and support its growth.
Share on FacebookShare on TwitterShare on LinkedIn

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?

RELATED STORIES

Mariseth Farms CEO

Mariseth Farms secures $560k from Sahel Capital to support over 8,000 smallholder farmers. 

May 15, 2025
i3 Healthtech Program

mPharma and Sproxil selected for the Bill Gates-backed Investing in Innovation Africa program.

April 30, 2025

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

Tags: entrepreneurshipfintechfundingGhana Innovation Journalzeepay
Facebook Twitter Instagram Youtube LinkedIn Snapchat TikTok

About Us

The Innovation Spark is a venture builder, innovation consultancy and media agency focused on igniting excellence in people and companies.
#Ideate #Innovate #Implement

Recent Stories

  • This Week in StartupGhana #40: KIC’s $200K bet | Wahu taps into the carbon credit market | Bloomberg’s Top 25 African Startups to Watch
  • Freezelink and Revna Biosciences named on Bloomberg’s Top 25 African Startups to Watch in 2025.
  • Wahu Mobility taps into the global carbon credit market with approval of Swiss-Ghana backed e-bike project.

Categories

© 2025 The Innovation Spark - #Ideate #Innovate #Implement

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • GIJ
  • About Us
  • GIJ Reports
    • Ghana Startup Primer