Zeepay, a Ghanaian fintech startup, has announced the completion of a $7.9 million Series A funding. The investment is a hybrid of both equity and balance sheet funds to support its operations.
The fundraising was led by I&P, an impact investing group with over $250 million in assets under management in the amount of $3 million, and supported by ARK Holdings, a privately held family investment portfolio in the amount of $800,000.
GOODsoil VC, an African-focused early-stage venture capital firm committed a follow-on investment to the tune of $800,000.
To drive balance sheet activities mainly for liquidity purposes, Zeepay raised a debt funding of $3.3 million led by Absa Bank Ghana in the amount of $1.8 million and $1.5 million supported by First National Bank Ghana.
Founded in 2014, 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.
Andrew Takyi-Appiah, Managing Director and Founder of Zeepay: “Our raise of $7.9 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.”
