Ghanaian fintech startup Zeepay raises equity funding to support ongoing expansion

Ghanaian fintech startup Zeepay has raised a round of equity investment which will help support its expansion efforts in Africa and the Caribbean. 

Formed in 2014, Zeepay is focused on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, bank accounts and digital tokens to international money transfer operators, payments, subscriptions, international airtime and refugee payments. 

The startup has a footprint in more than 20 countries globally, and specialises in facilitating the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organizations (IMTOs). Last year, the company settled over 10 million remittance transactions worth over US$3 billion in value.

Having raised a US$7.9 million Series A funding round in June 2021, Zeepay has now secured further investment – amount and stage unannounced – from pan-African investment firms Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P. The funds will go towards supporting Zeepay in expanding its geographical footprint and in deepening its offering to IMTOs as well as senders and recipients of remittances. 

“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 on-going 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.

Raza Hasnani, managing director and head of infrastructure investments at Africa50, said he was 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,” he said.