NAIROBI, Kenya, April 9 – Zeepay, a Ghanian online payment platform, has secured an equity investment from four investors to expand cross-border remittances and mobile financial services businesses in Africa and the Caribbean.
The investment was led by Africa50 and Oikocredit, with participation from the Injaro Ghana Venture Capital Fund (IGVCF) and Verdant Capital Hybrid Fund.
The transaction also included a follow-on investment from Investisseurs & Partenaires (I&P) through its I&P Afrique Entrepreneurs II (IPAE 2) investment vehicle.
Zeepay’s CEO, Andrew Takyi-Appiah, welcomed the support and outlined plans for further expansion, particularly in partnership with MoneyGram.
“We would like to thank all our stakeholders, including our customers, shareholders, and staff for all the support in bringing this round to a close,” Takyi-Appiah said.
“The raise will greatly assist us to complete our on-going expansion drive into the rest of Africa,” he added.
“Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next 2 years leveraging remittances in partnership with MoneyGram and delighted to see this vision come through.”
Zeepay is a fast-growing payment infrastructure company with a footprint in more than 20 countries globally.
Since its inception in 2014, the firm has specialized in facilitating the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organizations (IMTOs).
Last year, the company settled over 10 million remittance transactions worth over $3 billion in value.
“Foreign currency inflows from remittances are the lifeline for many African economies with sizable diaspora populations, especially in the current economic environment,” said Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50.
“Zeepay provides a local, affordable, secure, and convenient money transfer solution for the industrious African diaspora to support their loved ones.”
