The round is announced just months after the last fundraising operation concluded by the fintech company. Its proceeds will help the company expand further and develop new products and services. 

Ghanaian fintech startup Zeepay announced, Friday (August 5), the completion of a Series A round, raising US$10 million. The funds were raised from Netherlands-based Symbiotics BV (US$9 million), with participation from a Mauritius-based fund (US$1 million). They will enable the startup to expand into selected African markets and boost its offers.

In its release announcing the round, Zeepay quoted its founder and managing director Andrew Takyi-Appiah, saying that 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.”

Zeepay was founded in 2016. It provides digital solutions to facilitate online transactions. Currently, it claims over 130,000 transactions facilitated monthly. In March 2020, it became the first Ghanaian company to receive an Electronic Money Issuer (EMI) license from the central bank BoG.  The startup is already operational in 20 African countries. But, it wants to increase its continental footprint and “augment support from local African Banks the likes of Ecobank, Fidelity Bank and Absa” as its CFO Godfried Boakye puts it. 

Samira Njoya