Ghanaian Fintech, ZeePay, Raises Equity Round After Processing Over 10 Million Transactions in 2023 – BitKE

April 13, 2024

31 1 minute read

ZeePay, a fintech startup based in Ghana, has secured a round of equity investment aimed at facilitating its expansion across Africa and the Caribbean region.

Founded in 2014, ZeePay leverages 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 company boasts a presence in over 20 countries worldwide and specializes in facilitating the immediate settlement of remittances into mobile money wallets across Africa and the Caribbean, acting on behalf of prominent international money transfer organizations (IMTOs).

In 2023, ZeePay processed over 10 million remittance transactions, exceeding $3 billion in value.

Following its $7.9 million Series A funding round in June 2021, the latest investment comes from pan-African investment firms such as Africa50, OikoCredit, Injaro, Verdant Capital Hybrid Fund, and I&P. The injected funds, not disclosed, are earmarked to aid ZeePay in broadening its geographical reach and enhancing its services for international money transfer organizations (IMTOs) as well as for senders and receivers 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.

“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.