Ghanian Fintech Startup, Zeepay Raises $10m in Series A Funding Round
Zeepay, a Ghanaian mobile financial services firm that specializes in offering integrated mobile payment services, has raised $10 million, with Symbiotics BV leading the way with USD 9 million and a Mauritius-based fund investing USD 1 million, for a total of USD 10 million.
The A.5 series medium term debt issuance is intended to help Zeepay expand its rapidly expanding remittance to wallet business.
“The rise was required and comes at a time when we are intending to boost our annual sales from USD 1.5 billion roughly 2021 to USD 200 billion over the following 5 years,” said Andrew Takyi-Appiah, the company’s founder and managing director.
The 2014-founded business enables the processing of numerous mobile phone payments and functions as an aggregator, bringing all transactions from all parties together on a single platform. The business’s main application, which utilizes open source software, was created to link different payment systems, banks, retailers, mobile network operators (MNOs), and other businesses with subscriber-based transactions.
Zeepay has a presence in more than 20 African nations and, in April 2020, became the first locally-owned business to be granted the Electronic Money Issuer (EMI) license by the Bank of Ghana to operate as a provider of mobile financial services.
The raise had become mission-critical as we expanded our service offering and African expansion, and it was well within a sustainable Loan to Value Ratio of 9 percent, according to Godfried Boakye, CFO. This will enhance the assistance provided by regional African banks including Ecobank, Fidelity Bank, and Absa.
As we work to strengthen the African fintech ecosystem, Kwabena Appenteng, a Transaction Advisor at Verdant Capital, said: “We are pleased to see the close of this component of the round and urge local financial institutions and pension funds to find their niche in order to enable them to participate alongside international lenders in the future.”
