Africa50, Oikocredit lead $3m investment in Ghanaian fintech Zeepay
TLDR
- Zeepay secures $3 million equity investment from pan-African investment firms Africa50, Oikocredit, Injaro Investments, Verdant Capital Hybrid Fund, and I&P.
- Zeepay operates as a non-telco mobile money service provider across African countries and Barbados, specializing in remittance termination into mobile wallets with licenses in multiple countries.
- The latest investment brings the total capital raised by Zeepay to over $23 million, positioning the company for significant growth in 2024.
Zeepay, a Ghana-based remittance and mobile money service provider, has secured a $3 million equity investment from pan-African investment firms Africa50, Oikocredit, Injaro Investments, Verdant Capital Hybrid Fund, and I&P. This latest investment marks Verdant's fourth investment in just over two years.
As a non-telco mobile money operator operating across several African countries and Barbados, Zeepay specializes in remittance termination into mobile wallets, offering services across multiple networks and partnerships.
With licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, and Gambia, Zeepay has positioned itself as a key player in the fintech space. The injection of capital, totaling over $23 million raised since its inception a decade ago, will fortify Zeepay's financial position and support its anticipated high growth trajectory in 2024.
Points clés à retenir
In Africa, there’s a major market opportunity in the massive diaspora remittances business. For context, remittances accounted for nearly 4% of Nigeria’s GDP as of 2020. Yet, sending money from places like the US and the UK to the continent remains invariably expensive. Although most of the traditional players that charge high commission rates still dominate the space, fintech startups like NALA, Zeepay, Chipper Cash, and Sendwave, hope to wrestle market share from incumbents with lower rates.
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