More
    HomeEcosystem NewsLatest FundingGhanaian Fintech Zeepay Secures $3 Million Investment to Fuel Expansion

    Ghanaian Fintech Zeepay Secures $3 Million Investment to Fuel Expansion

    Published on

    spot_img

    Zeepay, a leading Ghana-based remittance and mobile money service provider, has recently announced a significant milestone in its journey towards expansion. The company has successfully closed a $3 million equity investment from Verdant Capital Hybrid Fund, marking Verdant’s fourth investment in just over two years.

    Established a decade ago, Zeepay has garnered substantial support in its growth endeavors, having raised over $23 million since its inception. This latest infusion of capital will bolster the company’s financial standing as it prepares for anticipated high growth in the year 2024.

    A notable player in Africa’s fintech landscape, Zeepay operates as a non-telco mobile money operator across multiple jurisdictions, including Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. The company specializes in remittance termination into mobile wallets, providing accessible financial services to diverse networks and partners.

    With a workforce exceeding 200 employees and offices spanning across Africa, Europe, and the Caribbean, Zeepay has cultivated a robust presence in the global fintech arena. As of 2022, the company was operational in 23 countries, showcasing its commitment to facilitating financial inclusion on a global scale.

    Andrew Takyi-Appiah, the Managing Director of Zeepay, expressed enthusiasm about the partnership with Verdant Capital Hybrid Fund, citing it as a testament to the company’s strategic vision and market potential. The investment from Verdant marks the fifth institutional shareholder to join Zeepay in less than three years, further solidifying its position as a key player in the mobile money sector.

    Kwabena Appenteng, Director at Verdant Capital, highlighted Zeepay’s robust business model and growth prospects across Africa, emphasizing the strength of the company’s management team. He noted Zeepay’s track record of generating hard currency earnings through its remittance-to-wallet business model, underscoring its resilience and profitability amidst expansion efforts.

    Zeepay’s success underscores the growing importance of fintech innovations in driving financial inclusion and economic growth across emerging markets. With continued support from investors like Verdant Capital Hybrid Fund, Zeepay is poised to further expand its reach and impact, bridging the gap in financial services provision for underserved communities across the globe.

    As Zeepay continues its mission to revolutionize the mobile money landscape, the recent investment signals a significant milestone in its journey towards unlocking greater opportunities and fostering inclusive economic development in Africa and beyond.

    Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

    Latest articles

    “We Once Missed a 10x Exit Opportunity” — Ex-Zoona CEO Reflects One Year After Chipper Cash Deal

    "Having clarity on exits and stakeholders’ ambitions is critical as you scale.”

    Big Promises, Short Lives: The Lifecycle Problem of African Corporate Venture Capital

    The recent closure of ARM Labs Lagos Techstars Accelerator is not an isolated case.

    Khulisani Ventures’ $16.5M Fund Targets High-Growth Startups in South Africa — Applications Close January 2025

    The program seeks businesses generating annual revenues of R5–R8 million, with positive cash flows and strong financial reporting.

    Tax All the Taxable: Nigerian Tech Startups Walk Into 2025 With New Taxes—What’s at Stake?

    As Nigeria hurtles toward 2025, a tidal wave of new tax proposals is rolling...

    More like this

    “We Once Missed a 10x Exit Opportunity” — Ex-Zoona CEO Reflects One Year After Chipper Cash Deal

    "Having clarity on exits and stakeholders’ ambitions is critical as you scale.”

    Big Promises, Short Lives: The Lifecycle Problem of African Corporate Venture Capital

    The recent closure of ARM Labs Lagos Techstars Accelerator is not an isolated case.

    Khulisani Ventures’ $16.5M Fund Targets High-Growth Startups in South Africa — Applications Close January 2025

    The program seeks businesses generating annual revenues of R5–R8 million, with positive cash flows and strong financial reporting.