Ghana-based fintech Zeepay secures $3 million investment from Verdant Capital

Ghana-based remittance and mobile money service provider, Zeepay, has secured a $3 million equity investment from investor Verdant Capital Hybrid Fund. This is Verdant’s fourth funding round in the fintech company over the past two years. Consequently, Zeepay, which has raised over $23 million since its inception a decade ago, will utilize the latest funds to reinforce its financial standing in readiness for its expected growth in 2024.

Zeepay operates as Africa’s non-telco mobile money service provider, with licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. The company’s service speciality lies in concluding remittances into mobile wallets, and its services are accessible across all networks and partnerships.

With a workforce exceeding 200 employees, Zeepay has a presence in Africa, Europe, and the Caribbean. By 2022, it had already established operations in 23 countries.

As a mobile money service provider, Zeepay concludes remittances into mobile money wallets across all networks, including its own wallets available in the six international markets it currently operates in.

In 2022, Zeepay recorded the second highest revenue in mobile financial services, surpassed only by MTN MoMo. It is said that the company achieved profitability earlier than its competitors in its business lifecycle. Despite expanding and diversifying its operations and revenue base, Zeepay has managed to maintain strong profitability.

Andrew Takyi-Appiah, the Managing Director of Zeepay, expressed his delight at welcoming Verdant Capital Hybrid Fund as a new shareholder in the mobile money business, highlighting the potential of this partnership in furthering the fintech’s expansion plans in Africa.

The decision to invest in Zeepay makes Verdant Capital the fifth institutional shareholder to join the Ghana-based fintech in less than three years, following the initial $7.9 million equity investment by Investisseurs & Partenaires (I&P).

Speaking on the investment, Kwabena Appenteng, a Director at Verdant Capital, said that Zeepay offers his firm a robust track record of hard currency earnings through its remittance-to-wallet model, as well as potential growth prospects across Africa. He credited Zeepay’s successful performance to the strength of its management team.