Ghanaian fintech startup Zeepay raised Equity funding to facilitate ongoing expansion

Ila Dhond11/04/2024

140 1 minute read

Zeepay, an equity-invested fintech startup based in Ghana, has raised funds to support its plans to expand throughout Africa and the Caribbean.

Founded in 2014, Zeepay focuses on creating digital rails that link digital assets to international money transfer providers, payments, international airtime, subscriptions, and refugee payments. Examples of these assets include cards, ATMs, bank accounts, mobile money wallets, and digital tokens.

With operations in more than 20 nations, the startup specializes in helping reputable international money transfer organizations (IMTOs) settle remittances instantly into mobile money wallets in Africa and the Caribbean. The company completed over 10 million remittance transactions last year, with a total value of over US $3 billion.

Zeepay raised a US $7.9 million Series A funding round in June 2021. Since then, pan-African investment firms Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P have contributed additional funds, the amount and stage of which are unknown. The money will be used to help Zeepay continue to grow geographically and enhance its services for IMTOs, remittance senders, and recipients.

“We would like to thank all our stakeholders, including our customers, shareholders, and staff for all the support in bringing this round to a close. The raise will greatly assist us to complete our ongoing expansion drive into the rest of Africa. Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next 2 years leveraging remittances in partnership with MoneyGram and delighted to see this vision come through,” said Andrew Takyi-Appiah, founder and CEO of Zeepay.

In order to support Zeepay’s leading position in the digital payments infrastructure space on the African continent and beyond, Raza Hasnani, managing director and head of infrastructure investments at Africa50, expressed his delight at the partnership.

“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,” he said.