Zeepay provides payment infrastructure to enable instant settlement of remittances into mobile money wallets on behalf of international money transfer organizations. Founded in 2014 and led by CEO Andrew Takyi-Appiah, the company has a presence in more than 20 countries. Last year Zeepay settled over 10 million remittance transactions worth over $3 billion. Its core products focus on cross-border remittances and mobile financial services across Africa and the Caribbean. The company’s stated vision is to promote financial inclusion and transform cross-border payments in low-income countries. Zeepay plans to expand its mobile money reach into at least 10 additional countries within the next two years, leveraging remittances in partnership with MoneyGram. Zeepay develops digital rails to connect digital assets and facilitate mobile-money and cross-border payments across Africa. The company was founded in 2014 and holds an Electronic Money Issuer (EMI) license from the Bank of Ghana granted in April 2020. Zeepay operates in more than 20 African nations and partners with regional banks including Ecobank, Fidelity Bank, and Absa. Management says the business intends to boost annual sales from roughly USD 1.5 billion in 2021 to USD 200 billion over the following five years as it expands its service offering and African footprint. The company’s leadership includes founder and managing director Andrew Takyi-Appiah and CFO Godfried Boakye, who stated the increase sits within a sustainable loan-to-value ratio of 9%. Zeepay is positioning the capital to support expansion and to strengthen its role in the African fintech ecosystem. Zeepay is a Ghanaian fintech that facilitates digital remittances from the diaspora to mobile wallets, bank accounts, and Visa cards across 20 African markets. The company is advancing a remittance-to-digital-assets agenda across Africa and the Caribbean and plans strategic acquisitions to expand beyond its current footprint. Management said it recently relocated into a new commercial property in Accra. Since going to market in May 2016 Zeepay had deployed USD450,000 and recorded a cumulative average growth rate of around 146% over the five years preceding these transactions. The recent Series A funding is a mix of equity and balance-sheet capital intended to support its activities and liquidity needs. Zeepay aims to grow its active 30-day business from 13 to 20 or more markets across Africa. Zeepay provides digital rails that link mobile money wallets, cards, ATMs, bank accounts, and digital tokens to international money transfer operators, payments, subscriptions, international airtime, and refugee payments. The company has a footprint in more than 20 African markets and was awarded an Electronic Money Issuer (EMI) license by the Bank of Ghana in April 2020. Zeepay raised a US$940,000 seed round from GOODsoil VC to support continued scaling. The startup has a United Kingdom launch planned for 2021. Co-founder and managing director Andrew Takyi-Appiah said the team expects GOODsoil's brokerage background and portfolio connections to help attract good foreign-exchange pricing for wholesale clients. The funding is intended to enable further geographic and commercial expansion across its existing corridors.

Total raised

$22M

Funding rounds

5

Latest round

Series A

Latest activity

Aug 2022