Home Startups Ghanian Fintech Startup Zeepay Secures $10m Series A.5 funding to augment its remittance to wallet business.

Ghanian Fintech Startup Zeepay Secures $10m Series A.5 funding to augment its remittance to wallet business.

by Milcah Lukhanyu
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Zeepaya Ghanaian mobile financial services company focusing on providing integrated mobile payments services has secured  $10 million led by Symbiotics BV with USD 9 million and supported by a Mauritius-based fund with USD 1M totaling USD 10 Million.

The medium term debt raise, which is part of its A.5 series, is aimed at supporting Zeepay augment its fast growing remittance to wallet business.

Founder and Managing Director, Andrew Takyi-Appiah said: ”The raise was necessary and comes at the time when we are planning to increase our annual turnover from USD 1.5 billion circa 2021 to USD 200 billion over the next 5 years.”

Founded in 2014, the company facilitates the processing of multiple mobile phone payment transactions, and operates as a aggregator that brings transaction of all players together on one single platform. The company’s core application runs on open source technology, and is designed to integrate all types of payment platforms, banks, merchants, Mobile Network Operators (MNOs), and other companies with subscriber based transactions.

Zeepay has 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.

According to Godfried Boakye, CFO, “the raise had become mission critical as we expand our service offering and African expansion and well within a manageable Loan to value ratio of 9%. This will help augment support from local African Banks the likes of Ecobank, Fidelity Bank and Absa.”

Kwabena Appenteng, Transaction Advisor at Verdant Capital, said: ”We are delighted to see the close of this component of the round, and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African fintech ecosystem”.

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