Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P, have invested in Zeepay Ghana, a fast-growing payment infrastructure company with a footprint in more than 20 countries globally.

The funds will go towards expanding Zeepay’s operations in Africa and the Caribbean. 

Verdant Capital Hybrid Fund has completed its fourth investment in just over two years since its closing, with a $3m preferred equity investment in Zeepay.

Kwabena Appenteng, Director at Verdant Capital, said: “Zeepay offers investors like Verdant an attractive combination of hard currency earnings through its remittance-to-the-wallet business and growth opportunities across the continent.” 

“Testament to the strength of the management team at Zeepay:  the business reached profitability earlier in its lifecycle than other fintechs and has maintained strong profitability while growing and diversifying its footprint and revenue base.”

“Africa50 is delighted to be partnering with Zeepay to support its leading role in the digital payments infrastructure space on the African continent and beyond. Foreign currency inflows from remittances are the lifeline for many African economies with sizable diaspora populations, especially in the current economic environment. Zeepay provides a local, affordable, secure, and convenient money transfer solution for the industrious African diaspora to support their loved ones,” said Raza Hasnani, Managing Director and Head of infrastructure Investments at Africa50. 

“Oikocredit is delighted to partner with Zeepay as we grow our global portfolio of impactful fintechs. Remittances are essential to financial inclusion for many households in Zeepay’s countries of operation, and its digital wallets help overcome challenges around transparency, cost,  convenience, speed and safety for both senders and receivers of funds. We are pleased to partner with a fast-growing African business led by a capable team, and look forward to supporting its growth,” said Samuel Kibiri, Equity Officer for Africa at Oikocredit. 

Zeepay specialises as a Mobile Money Challenger and is currently the biggest non-telco Mobile Money Operator in Africa by balance sheet and revenue. 

Since its inception in 2014, Zeepay has specialised 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 $3bn in value.

It has Mobile Money Licenses in six countries: Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. 

Zeepay also terminates remittances into Mobile Money Wallets across all networks, including its own wallets available in six countries. Zeepay has a financial inclusion partnership with UNCDF.

The company has over 200 staff, with offices across Africa, Europe, and the Caribbean.

Andrew Takyi-Appiah, Managing Director of Zeepay, said: “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. The raise will greatly assist us to complete our on-going expansion drive into the rest of Africa. 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.”