Ghanaian fintech startup Zeepay has completed a US$7.9 million Series A funding round to help it further expand.
Zeepay is focused on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, bank accounts and digital tokens to international money transfer operators, payments, subscriptions, international airtime and refugee payments.
The startup has a footprint in more than 20 African markets, and in April 2020 was awarded an Electronic Money Issuer (EMI) license to operate as a mobile financial services company by the Bank of Ghana, the regulator of banking and financial services. It secured a US$940,000 seed funding round in December last year, and acquired Zambian counterpart Mangwee in April.
Its Series A round is a hybrid of equity and balance sheet funding to support its operations, and was led by I&P, which invested in US$3 million, and supported by ARK Holdings, the privately-held family investment portfolio of Zeepay managing director Andrew Takyi-Appiah and Zoe Takyi-Appiah, which added US$800,000.
GOODsoil VC committed a follow-on investment to the tune of US$800,000, while Zeepay raised an additional US$3.3 million in debt capital to drive balance sheet activities, mainly for liquidity purposes. This was led by Absa Bank Ghana and supported by First National Bank Ghana.
