Zeepay, a Ghanaian fintech startup, has raised USD 7.9 Million in Series A funding to help it expand with the help of Verdant Capital. The company focuses on building digital rails that connect digital assets including mobile money wallets, cards, ATMs, bank accounts, and digital tokens to international money transfer operators, payments, subscriptions, overseas airtime, and refugee payments.
The business is successfully transitioning into an integrated omni-channel digital payments and value-added financial services provider operating across the continent. Verdant Capital positioned Zeepay’s USD 7.9 million equity and debt raise as Series A.0.
Zeepay, prior to the fund raise, had efficiently deployed a total of about USD 450,000 since its go-to-market in May 2016 to achieve a cumulative average growth rate of about 146 percent in the following five years. Zeepay has achieved this growth rate while maintaining operating profitability and reinvesting the profits.
In Verdant Capital’s view, Zeepay has the potential to transform how Africans implement payments across borders and domestically; and how these payments are integrated into value-added services such as credit and insurance. Zeepay has built a formidable market position in its anchor market of Ghana, which it is now replicating in synergistic markets across the continent. Verdant Capital expects this strategy to continue driving rapid revenue growth, profitability and financial inclusion.
The lead investor arranged by Verdant Capital was Investisseurs & Partenaires (I&P). I&P is an impact investing group with over USD 250 million in assets under management. Other investors in the round included the holding company of the Managing Director, Andrew Takyi-Appiah and his wife Zoe Takyi-Appiah, GOODsoil VC, Absa Ghana and FNB Ghana. Verdant Capital is financial advisor to Zeepay. The lawyers for Zeepay were JLD & MB.