Zeepay has successfully closed its $14 million Series A.5 equity funding round. The round was led by the global cooperative and social impact investor Oikocredit. Other investors in the round include the infrastructure investment platform Africa50, the local pensions-anchored fund, Injaro Ghana Venture Capital Fund, and Verdant Capital Hybrid Fund with a follow-on investment from Investisseurs & Partenaires.
What will the capital be used for?
The investment will support the expansion of Zeepay’s cross-border remittances and mobile financial services business across Africa and the Caribbean. The company’s vision is to promote financial inclusion and transform cross-border payments, particularly in low-income countries. This equity investment will thus support Zeepay in expanding its geographical footprint and in deepening its offering to International Money Transfer Operators as well as senders and recipients of remittances.
Andrew Takyi-Appiah, the Founder & CEO of Zeepay, said: “Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next two years, leveraging remittances in partnership with MoneyGram, and we are delighted to see this vision come through”.
What is Zeepay’s growth trajectory?
The company has been on an accelerated growth trajectory since its inception. In 2020, it processed transactions worth $400 million. The total processed volume spiked by 7.5x to $3 billion in 2023.
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.
Source: BusinessGhana
