Zeepay Raises $7.9 Million in Series A Investment
Zeepay Raises $7.9 Million in Series A Investment
Zeepay, a Ghanaian fintech startup, has closed a $7.5 million Series A funding round, dubbed one of Africa's largest Series A rounds to date. According to the startup, this latest round of funding will be used to expand its mobile payment services across Africa and into the Caribbeans.
The funding round was led by impact investment firm I&P, with participation from ARK Holdings, an early-stage venture capital firm focused on Africa, GOODsoil VC, Verdant Capital, and JLD & MB Legal Consultancy.
Remittances and diaspora payments continue to be a significant source of foreign exchange and household income in the world's low-income countries. According to the World Bank, remittance inflows into low and middle income countries surpassed $540 billion in 2020, despite the Covid-19 pandemic.
Although Sub-Saharan Africa lost 12.5% of its population, this was largely due to the decline in Nigeria. Without Nigeria, the region saw a 2.3 percent increase in remittance inflows, defying the World Bank's forecast of a massive decline for the year.
About Zeepay
And Zeepay, a mobile financial services company that processes remittance payment transactions for over 150 million mobile money subscribers across 20 African countries, has been a significant contributor to the continent's defiant rise in diaspora payments.
Paa Kwasi Yankey, Chairman of Zeepay, stated that a portion of the fund would be used to close a number of strategic acquisitions by the end of 2021.
Paa Kwasi Yankey also stated, "We look forward to expanding our operations beyond our current 20 countries and expanding our active 30-day business from 13 to more than 20 markets across Africa." Our strategy remains to accelerate our remittance to digital assets agenda throughout Africa and the Caribbean, and we are encouraged by the pace of growth.”
He also commended Ghana's government for enacting the Payment Systems Act of 2019, noting that the increase would not have been possible without the regulation, which he described as a very progressive government initiative.
Andrew Takyi-Appiah, Founder and Managing Director of Zeepay, commented on the raise, saying it provides the startup with a strong capital base ahead of closing its Series A.5 round in the coming months. He also expressed delight that the raise occurred during the fintech's successful relocation to a new location in Accra.
Zeepay operates the INSTNTMNY mobile money remittance platform, which specializes in international payments. This platform has reportedly processed over a million transactions to date. Ghana, Uganda, Cameroon, Guinea, Mozambique, Rwanda, Kenya, and Malawi are currently among the startup's 23 African markets.
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