In January 2023, Ghanaian fintech Zeepay raised $10 million, bringing the total funds raised since its launch in 2014 to $24.6 million. The company aims to continue its expansion in its markets and to attract new capital.

Ghana-based fintech firm Zeepay has successfully concluded a funding round, securing an undisclosed amount from pan-African investors including Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P. The announcement was made in a press release on Thursday, April 4. The funds are set to bolster Zeepay’s operations in cross-border remittances and mobile money in Africa and the Caribbean.

Andrew Takyi-Appiah, the startup’s founder, stated, “The raise will greatly assist us in completing our ongoing 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 two years, leveraging remittances in partnership with MoneyGram, and we are delighted to see this vision come through.”

Established in 2014, Zeepay specializes in facilitating instant remittance settlements to mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organizations (IMTOs). The fintech firm, which operates in around 20 countries globally, has already raised over $24 million to accelerate its growth, particularly in Africa and the Caribbean. Through its technology and various partnerships, Zeepay enables real-time money transfers abroad via a mobile wallet to more than 150 countries.

The fintech sector is the most appealing segment of the African technology industry for investors. In 2023, young entrepreneurs in this segment raised $852 million, and $1.9 billion in 2022, as per data from Partech Africa, a tech investment firm with offices in Dakar (Senegal) and Nairobi (Kenya).

Adoni Conrad Quenum