Ghanaian Fintech Zeepay raises $7.9 million for expansion

Ghanaian Fintech startup, Zeepay has completed a US$7.9 million Series A funding round to help it further expand across Africa.

The funding round is a hybrid of equity and balance sheet funding to support its operations and was led by I&P, an impact investing group with over USD250m in assets under management in the amount of USD3 million, and supported by ARK Holdings, a privately held family investment portfolio on behalf of Andrew Takyi-Appiah (Managing Director) and Zoe Takyi-Appiah in the amount of USD800,000.

GOODsoil VC, an African-focused early-stage venture capital firm committed a follow-on investment to the tune of USD800,000 and were advised by Obsidian Achernar, a financial services firm licensed by Bank of Ghana.

Zeepay raised $940,000 in December last year, and acquired a 51 percent stake in Mangwee Mobile Money Zambia in April this year.

Zeepay focuses on digital rails to connect digital assets. The company has a footprint in more than 20 African markets and, in April 2020, became the first indigenous company to be awarded the Electronic Money Issuer (EMI) license to operate as a mobile financial services company by the Bank of Ghana, the regulator of banking and financial services.

‘An exciting story on the continent, full of hope and inspiration for the New African – that is the young African looking to chart their own path through startups across the Continent”, said Andrew Takyi-Appiah, Managing Director and Founder of Zeepay.

He added that: “Our raise of USD7.9 million in Series A.0 gives Zeepay a strong capital table, ahead of closing our Series A.5 in the coming months. I am delighted to mention that the raise is coming at a time when we have successfully moved into our new Commercial Property in Accra. Our performance, I believe, is attributable to the Grace of God. Indeed, it is my wish that our Founding Chairman, Dr. Anthony Kwasi Appiah, was here today as we sign this deal. He played a pivotal role in getting the company to where it is today. May his soul continue to rest in peace. I would also like to take the opportunity to thank Mr. Kwame Achampong-Kyei and the GLICO Group for their diligent support over the last 5years.”

Zeepay Chairman Mr. Yankey noted: “Our strategy remains to drive our remittance to digital assets agenda across Africa and the Caribbean and we are excited by the rate of expansion. We have a number of strategic acquisitions lined up and anticipate closing before year end. We look forward to being able to expand our operations beyond our current 20 countries and increase our active 30-day business from 13 markets to 20 plus markets across Africa. Indeed, what we celebrate today could not have been possible without the passing of the Payment Systems Act 2019, which has been a very progressive Government initiative.”