Zeepay, a challenger mobile money service based in Ghana specializing in cross-border payments, has launched a $10 million Series A.5 funding round.
The funding round was led by Symbiotics BV, which contributed $ 9 million, followed by an investment from a fund located in Mauritius, which contributed $ 1 million, for a total of $ 10 million.
Zeepay is an online payment platform established in 2014 and focused primarily on creating digital rails to link various digital assets.
The increase was necessary and comes at a time when we plan to increase our annual revenues from USD 1.5 billion about 2021 to USD 200 billion over the next five years. said Andrew Takyi-Appiah. He not only founded the company but also serves as its managing director.
According to Godfried Boakye, the company’s Chief Financial Officer, the rise had become mission-critical as we grew both our service offering and our presence in Africa and were well within a sustainable Loan to Value Ratio of 9 percent. The help offered by regional African banks such as Abasa, Fidelity Bank, and Ecobank will improve due to this development.
While we aim to improve the financial technology environment in Africa, Transaction Advisor at Verdant Capital, Kwabena Appenteng, made the following statement: We are happy to see this phase of the round come to an end and encourage local financial institutions and pension funds to establish their place in the market so that they will be able to compete with multinational lenders in the future.
Over 20 African countries already use Zeepay, and in April of 2020, the company plans to expand even further. In April of 2020, it made history by becoming the first locally owned business in Ghana to receive an Electronic Money Issuer (license from the Bank of Ghana, allowing it to operate as a supplier of mobile financial services.