Ghanaian Fintech Zeepay Secures $3 Million for Growth Surge

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Ghanaian remittance and mobile money company Zeepay has secured a $3 million investment from Verdant Capital Hybrid Fund. This marks Verdant's fourth investment in Zeepay in just over two years, demonstrating their confidence in the company's future.

Founded a decade ago, Zeepay has grown into a leading mobile money operator across Africa. They hold licenses in six countries – Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados – and boast a network of over 200 employees with offices spanning three continents. Zeepay focuses on making mobile money transfers seamless, allowing users to send and receive funds directly to mobile wallets across various networks, including their own.

This latest funding round will bolster Zeepay's financial position as they gear up for significant growth in 2024. The company has already achieved profitability, a notable feat compared to its peers, and continues this strong performance as it expands its reach and revenue streams.

"We are thrilled to welcome Verdant Capital Hybrid Fund as a shareholder," said Zeepay's Managing Director, Andrew Takyi-Appiah. This investment makes Verdant Capital the fifth institutional shareholder to join Zeepay in less than three years, following a significant initial investment from Investisseurs & Partenaires (I&P).

Kwabena Appenteng, Director at Verdant Capital, highlighted Zeepay's remittance-to-wallet business model as a key driver of their success, generating consistent hard currency earnings. He credits Zeepay's achievements to the "strength of the management team." With Verdant Capital's backing, Zeepay is poised to solidify its position as a major player in Africa's mobile money landscape.

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