Zeepay, a Ghanaian mobile financial services company that specialises in offering integrated mobile payment services, has raised $10 million, with Symbiotics BV leading the way with USD 9 million and a Mauritius-based fund investing USD 1 million, for a total of USD 10 million.
The Series A.5 medium term debt raise is intended to help Zeepay expand its rapidly expanding remittance to wallet business.
“The raise was necessary and comes at the time when we are planning to increase our annual turnover from USD 1.5 billion circa 2021 to USD 200 billion over the next 5 years,” Founder and Managing Director, Andrew Takyi-Appiah said.
Why The Investors Invested
Kwabena Appenteng, Transaction Advisor at Verdant Capital, said: ”We are delighted to see the close of this component of the round, and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African fintech ecosystem”.
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“The raise had become mission critical as we expand our service offering and African expansion and well within a manageable Loan to value ratio of 9%. This will help augment support from local African Banks the likes of Ecobank, Fidelity Bank and Absa,” Godfried Boakye, CFO, added.
A Look At What Zeepay Does
The 2014-founded business enables the processing of numerous mobile phone payments and functions as an aggregator, bringing all transactions from all parties together on a single platform. The business’s main application, which utilises open source software, was created to link different payment systems, banks, retailers, mobile network operators (MNOs), and other businesses with subscriber-based transactions.
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Zeepay has a presence in more than 20 African nations and, in April 2020, became the first locally-owned business to be granted the Electronic Money Issuer (EMI) licence by the Bank of Ghana to operate as a provider of mobile financial services.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh