Zeepay Secures USD10 Million in Series A Round
Zeepay, a challenger mobile money provider that specializes in cross-border payments, has announced financing of USD 10 million.
The medium-term debt offering, which is a part of its A.5 series, would aid Zeepay in its effort to grow its rapidly expanding remittance to wallet business. Symbiotics BV spearheaded the financing with USD 9 million, while a Mauritius-based fund contributed USD 1 million, for a total of USD 10 million.
The boost was required, according to the company’s founder and managing director Andrew Takyi-Appiah I, and it comes as we prepare to increase our annual turnover from USD 1.5 billion around 2021 to USD 200 billion over the next five years.
The raise had become mission-critical as we expanded our service offering and African expansion, according to Godfried Boakye, CFO, and was still well within a sustainable Loan to Value Ratio of 9%. This will supplement the assistance provided by regional African banks including Ecobank, Fidelity Bank, and Absa.
‘We are delighted to see the close of this component of the round, and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African fintech ecosystem,’ said Kwabena Appenteng, Transaction Advisor at Verdant Capital.
