Zeepay Secures Funding to Expand Mobile Money Services Across Africa
Ghanaian fintech startup Zeepay has secured a new round of equity funding, attracting prominent pan-African investment groups to support its expansion. The funds raised will enable Zeepay to extend its mobile money services to at least 10 more countries and bolster its presence in other African markets.
Zeepay, which operates in over 20 countries and focuses on remittance solutions for international money transfer organizations (IMTOs), has seen significant growth in the past year. The startup processed over 10 million remittance transactions, totalling more than US$3 billion. This latest funding round will allow Zeepay to enhance its offerings for IMTOs, remittance senders, and recipients.
Investors in this round include Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P, joining previous investors Partech and Novastar Ventures. While exact amounts contributed by each investor are not publicly disclosed, it is known that Partech and Novastar Ventures each contributed several million dollars. This funding follows Zeepay's US$7.9 million Series A capital round in 2021.
With the new funds, Zeepay aims to connect digital assets to international money transfer providers, payment services, and mobile money wallets in at least 10 more countries. This expansion will further strengthen Zeepay's position as a leading fintech player in Africa, offering innovative remittance solutions and driving financial inclusion.
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