Zeepay, a Ghanaian challenger mobile money provider that specializes in cross-border payments, has announced a $10 million Series A.5 Funding Round.
Symbiotics BV led the funding round with USD 9 million, while a Mauritius-based fund invested USD 1 million, for a total of USD 10 million.
Zeepay was founded in 2014 and is primarily concerned with developing digital rails for the purpose of connecting digital assets.
“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 increase 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%, 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.”
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 function as a mobile financial services provider.