Zeepay, a Ghanaian fintech startup, has completed a round of equity funding to support its plans to expand throughout Africa and the Caribbean.
Zeepay has now obtained additional financing from pan-African investment groups Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P, with the amount and stage of the investment to be disclosed. Zeepay had previously raised a US$7.9 million Series A capital round in 2021.
With operations in more than 20 nations, the startup specializes in helping reputable international money transfer organizations (IMTOs) settle remittances instantly into mobile money wallets in Africa and the Caribbean.
Over 10 million remittance transactions totaling more than US$3 billion were settled by the company last year.
Zeepay, which was founded in 2014, focuses on creating digital rails that link digital assets including digital tokens, bank accounts, cards, ATMs, and mobile money wallets to international money transfer providers, payments, international airtime, and refugee payments.
“We would like to thank all our stakeholders, including our customers, shareholders, and staff for all the support in bringing this round to a close. The raise will greatly assist us in completing our ongoing expansion drive into the rest of Africa. Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next 2 years leveraging remittances in partnership with MoneyGram and delighted to see this vision come through,” said Andrew Takyi-Appiah, founder and CEO of Zeepay.
Zeepay will use the funds to enhance its services for IMTOs, remittance senders, and receivers, and to extend its reach geographically.
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