Ghana’s Zeepay completes $7.9mn series A fundraise

Ghanaian fintech company Zeepay has successfully completed a $7.9 million Series A funding round, marking a significant milestone in their mission to revolutionize remittances in Africa. The funding, a combination of equity and balance sheet funds, was led by IMP, a French private equity fund, with additional support from Obsidian Archer and Active Investment Holden. Absa and FNB also participated in the round, with Absa leading the charge with a $1.8 million investment. This funding round is part of a larger plan for Zeepay, with an upcoming Series A+ round expected to close in the next few months, bringing the total investment to over $25 million. Andrew Takyi-Appiah, the Managing Director and Founder of Zeepay, highlighted the importance of this funding in supporting the company's rapid growth. Zeepay specializes in facilitating remittances into mobile wallets across Africa, processing an average of 20,000 to 40,000 transactions per day. With the increase in transaction volumes, the debt component of the funding will help drive liquidity for daily payouts, while the equity component will strengthen the company's balance sheet, instilling confidence in investors and partners. The regulatory landscape in Africa has played a crucial role in Zeepay's growth trajectory. Takyi-Appiah emphasized the positive impact of regulations, citing them as a reference point that boosts investor confidence. Regulatory compliance not only provides a sense of security for investors but also fosters a conducive environment for innovation. By aligning with regulatory standards, Zeepay ensures accountability and consumer protection, setting a solid foundation for sustainable growth and development. Zeepay's focus on driving financial inclusion and enhancing cross-border remittances in Africa is a testament to their commitment to transformative fintech solutions. As the company continues to expand its reach and scale its operations, the recent funding round sets the stage for a new chapter of innovation and impact. With a dedicated team and strategic partnerships in place, Zeepay is well-positioned to lead the digital payments space in Africa and drive economic empowerment across the continent.