Zeepay has announced a Ten million US dollars ($10 million) Series A 5 funding round. Zeepay is a Ghanaian fintech company that is targeted at providing integrated mobile payment services which include mobile wallets for their audiences thereby making financial transactions for its users seamless.
Zeepay launched in 2014 with the intention to develop digital rails. this project had to be done in other to connect digital assets.
The funding was led by Symbiotics BV who invested Nine million US Dollars and a Mauritius-based investor, made an input of One million dollars which makes a total of Ten million Dollars invested into the Fintech organization.
Giving insight into the funding, Andrew Takyi-Appiah, Zeepy founder and managing director, stated, “The rise was required and comes at a time when we are intending to boost our annual sales from USD 1.5 billion roughly 2021 to USD 200 billion over the following 5 years.”
in Godfried Boakye, Zeepy’s CFO’s view “The increase had become mission-critical as we expanded our service offering and African expansion, and it was well within a sustainable Loan to Value Ratio of 9%. This will enhance the assistance provided by regional African banks including Ecobank, Fidelity Bank, and Absa.”
Verdant Capital’s Transaction Advisor, Kwabena Appenteng, believes this kind of funding will help empower the African fintech ecosystem. “We are pleased to see the close of this component of the round and urge local financial institutions and pension funds to find their niche in order to enable them to participate alongside international lenders in the future.”
Zeepay has since established itself in about twenty African countries, it recently became the first indigenous business in Ghana to be given Electronic Money Issuer (EMI) license by the Bank of Ghana, in other to practice fully as a mobile financial service provider.