This archive report was first published on 30 June 2021.
On June 30, 2021, Ghanaian fintech startup Zeepay announced a significant milestone in its growth journey, securing a $7.9 million Series A funding round to further expand its operations.
Zeepay is a leading fintech company that specializes in digital rails, connecting digital assets such as mobile money wallets, cards, ATMs, bank accounts, and digital tokens to international money transfer operators, payments, subscriptions, international airtime, and refugee payments.
As a mobile financial services company, Zeepay is regulated by the Financial Conduct Authority and other regulators across Africa. The company's mobile money services are protected by Bank of Ghana regulations, ensuring that funds held in mobile money accounts are secure.
Zeepay has a footprint in more than 20 African markets and has been awarded an Electronic Money Issuer (EMI) license by the Bank of Ghana in April 2020. The company has also secured a $940,000 seed funding round in December last year and acquired Zambian counterpart Mangwee in April.
The Series A round was led by I&P, which invested $3 million, and supported by ARK Holdings, the privately-held family investment portfolio of Zeepay managing director Andrew Takyi-Appiah and Zoe Takyi-Appiah, which added $800,000. GOODsoil VC committed a follow-on investment of $800,000, while Zeepay raised an additional $3.3 million in debt capital to drive balance sheet activities, mainly for liquidity purposes.
