Zeepay a Ghanian fintech just concluded a $7.5 million Serie A funding round led by I&P an impact investment group and ARK Holdings an Africa-focussed VC, Verdant Capital, GOODsoil VC, and JLD & MB Legal Consultancy.
According to the World Bank, remittance income flows into low and middle-income countries hit $540 billion in 2020. Zeepay has been processing remittance payments transactions for over 150 million mobile money subscribers spread across 20 countries. Paa Kwasi Yankey, Zeepay’s chairman, said the fund would close several strategic acquisitions by the end of 2020.
This raise is among the top raises in Africa for a Serie A. The funding will go into expanding its payment services. Thus far over a million transactions have been processed on INSTNTMNY Zeepay’s mobile money remittance platform.