Injaro Investment Advisors, a Ghanaian private capital fund manager, has made a significant announcement regarding their investment in Zeepay Ghana Limited, a wholly Ghanaian-owned global mobile finance service (MFS) provider. This investment amounts to a substantial $2 million equity infusion into Zeepay as part of their Series A.5 fundraising round.
This momentous step represents Injaro’s inaugural investment from its Injaro Ghana Venture Capital Fund (IGVCF). In doing so, they are joining a consortium of international investors who are participating in Zeepay’s ongoing fundraising efforts. Zeepay is a pioneering player in the digital termination of remittance (DTR) sector and the mobile money market, extending its reach to more than 20 countries across the globe.
Since its establishment in 2014, Zeepay has specialized in facilitating cross-border payments directly into mobile wallets, serving regions spanning Africa and the Caribbean. The core vision of Zeepay revolves around fostering financial inclusion and revolutionizing cross-border payments, particularly in underserved, low-income markets.
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The equity investment by Injaro holds the promise of fueling Zeepay’s expansion across multiple countries and reinforcing its presence in these new markets. Injaro’s statement underlines that this investment aligns perfectly with IGVCF’s strategic approach, which focuses on collaborating with Ghanaian small and medium-sized enterprises (SMEs) demonstrating credible growth potential. These enterprises often operate in sectors like Inclusive Financial Services, Food and Agribusiness, Education, Healthcare, Manufacturing, and Industrial Services.
Jerry Parkes, the Managing Director of Injaro Investment Advisors, expressed his enthusiasm about the partnership with Zeepay, which is spearheaded by Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur. Parkes described their joint aspiration to build a successful Ghanaian multinational and become a frontrunner in the fintech industry.
Parkes emphasized the importance of financing Zeepay with Ghanaian capital, which ensures that the investment’s profits circulate within the local economy, fostering a virtuous cycle of economic development. He added that this investment signifies a significant initial step towards establishing connections between Ghana’s pension funds and remarkable local businesses that are pivotal drivers of Ghana’s economic growth.
Andrew Takyi-Appiah, the Co-Founder and CEO of Zeepay, expressed his delight at having a Ghanaian local private equity investor on board. He regarded this as a testament to the strength of their brand, especially in the prevailing economic conditions. Takyi-Appiah also highlighted the investment’s symbolic importance in demonstrating Ghana’s confidence in its own businesses and thanked Injaro for translating that belief into a tangible reality.
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As a testament to Zeepay’s outstanding performance, the company currently holds the top position in Ghana’s Club100 list and stands as the second-largest mobile finance service (MFS) provider in the country in terms of revenue. Their achievements were further acknowledged as they were named the “Brand of the Year” at the 2023 EMYAfrica Awards.
In 2022, Injaro Investments, an Africa-focused private equity and private credit fund manager, announced the launch of its third fund of USD20 million, backed by local pension funds and a first of its kind for Ghana. According to Jerry Parkes, CEO of the fund, the fund is created to support mission-focused SMEs.
Established in 2009, Injaro Investments (Injaro) is a private equity firm focused on SME investments in Africa. The fund’s investment approach is built on the provision of finance, business assistance, and capacity building to highpotential SMEs.
The fund has invested largely in business concepts that fundamentally benefit small scale farmers across West Africa, with several of them being located in relatively poor Sahelian countries. The portfolio therefore comprises enterprises in the poultry value chain, seed cultivation, and shea butter processing.
“Our investment in Nafaso, a company in Burkina Faso, tells one of the more inspiring stories. The founder, who started out as a subsistence farmer, grew to become the largest seed producer in Burkina Faso and is now a regional supplier of seeds with exports across ECOWAS member states, including Liberia and Nigeria. The company had created significant impact (over 350,000 beneficiaries) and grown its top line by three times over the investment period. Our most recent achievement was when the London Stock Exchange published its inaugural edition of the Companies to Inspire Africa report. 11 out of 300 featured companies in the report were in the agriculture sector, and 5 of them were part of the Injaro portfolio — Agricare, Comptoir 2000, Faso Kaba, Nafaso, and Proveto,” Jerry Parkes said.
Zeepay Injaro
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