Zeepay, a Ghanaian remittance and mobile money service company, has closed a $3 million equity investment from Verdant Capital Hybrid Fund.
The equity round was joined by Africa50, Oikocredit, Injaro Ghana Venture Capital Fund (IGVCF) with a follow-on investment from Investisseurs & Partenaires (I&P).
Zeepay terminates remittances into Mobile Money Wallets across all networks, including its own wallets in six countries including Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados.
Details
This equity investment will support Zeepay in expanding its geographical footprint and in deepening its offering to IMTOs as well as senders and recipients of remittances.
By The Numbers
Zeepay has raised over $23 million since its inception in 2014.
What They’re Saying
Andrew Takyi-Appiah, Managing Director of Zeepay, said, “We are happy to welcome Verdant Capital Hybrid Fund, our new shareholder, into the business. Making it the fifth institutional shareholder in less than three years after the initial investment by I&P.
The new funding raised will be used to strengthen our financial position in support of our high growth in 2024.”
“Africa50 is delighted to be partnering with Zeepay to support its leading role in the digital payments infrastructure space on the African continent and beyond. Foreign currency inflows from remittances are the lifeline for many African economies with sizable diaspora populations, especially in the current economic environment.
Zeepay provides a local, affordable, secure, and convenient money transfer solution for the industrious African diaspora to support their loved ones,” said Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50.
Kwabena Appenteng, Director at Verdant Capital, said, “Zeepay offers investors like Verdant an attractive combination of hard currency earnings through its remittance-to-the-wallet business and growth opportunities across the continent. As a testament to the strength of the management team at Zeepay.
The business reached profitability earlier in its lifecycle than other fintechs and has maintained strong profitability while growing and diversifying its footprint and revenue base.”
Data Insights
Zeepay, in 2022, earned the second-highest revenue in mobile finance services
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
