Ghana-headquartered fintech firm Zeepay has secured a $3 million equity investment from Verdant Capital Hybrid Fund, marking the fourth funding round by the investor in the past two years.
With this latest investment, Zeepay, which has raised over $23 million since its inception ten years ago, plans to strengthen its financial position in anticipation of expected growth in 2024.
Operating as Africa’s non-telco mobile money service provider, Zeepay holds licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados.
Specializing in remittance transactions into mobile wallets, the company’s services are accessible across all networks and partnerships.
Employing over 200 individuals, Zeepay operates in Africa, Europe, and the Caribbean, expanding its operations to 23 countries by 2022.
As a provider of mobile money services, Zeepay facilitates remittance transactions into mobile money wallets across all networks, including its own wallets available in the six international markets where it operates.
In 2022, the company ranked second in revenue among mobile financial services providers, trailing only MTN MoMo.
Despite diversifying its operations and revenue streams, Zeepay has maintained strong profitability, achieving profitability earlier than its competitors in its business lifecycle.
Zeepay’s Managing Director, Andrew Takyi-Appiah expressed satisfaction in welcoming Verdant Capital Hybrid Fund as a new shareholder, emphasizing the partnership’s potential to “Further Zeepay’s expansion plans in Africa.”
Verdant Capital becomes the fifth institutional shareholder to join Zeepay in less than three years, following the initial $7.9 million equity investment by Investisseurs & Partenaires (I&P).
Kwabena Appenteng, a Director at Verdant Capital, highlighted Zeepay’s robust track record of hard currency earnings through its remittance-to-wallet model and potential growth prospects across Africa.
“Zeepay’s performance has been nothing short of stellar, and a large part of that credit goes to the strength of our management team. Their vision, leadership, and expertise have been instrumental in driving our growth and success.”