Zeepay, the leading cross-border payments company operating as a challenger mobile money company, has announced that it has raised US$10 million.
The medium-term debt raise, which forms part of its A.5 series, comes to support Zeepay in a bid to augment its fast-growing remittance to wallet business.
The raise was led by Symbiotics BV with US$9 million and supported by a Mauritius-based fund with US$1 million, totalling US$10 million.
According to the Founder and Managing Director, Andrew Takyi-Appiah I, “the raise was necessary and comes at the time when we are planning to increase our annual turnover from US$1.5 billion circa 2021 to US$200 billion over the next five years.”
Godfried Boakye, CFO, mentioned that the raise had become “mission-critical as we expand our service offering and African expansion and well within a manageable Loan to value ratio of 9 percent. This will help augment support from local African banks the likes of Ecobank, Fidelity Bank and Absa.”
Kwabena Appenteng, Transaction Advisor at Verdant Capital, said: “We are delighted to see the close of this component of the round, and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African fintech ecosystem.”
JLD & MB Legal Consultancy acted as legal counsel to Zeepay in connection with the funding.
Zoe P. Takyi — Appiah, a senior partner of the firm mentioned, “this is another notable milestone for Zeepay. Indeed, the company continues to break boundaries and expand its borders. We are delighted that this transaction has been realized and to have been a part of it.”
Zeepay is the fastest-growing FINTECH into Mobile Financial Services across Africa with Operations in Ghana and United Kingdom and terminating to 20 countries across Africa and with termination agreements in over 90 jurisdictions globally. We specialize in Remittance termination into mobile wallets and are completely network and partner agnostic.
Zeepay is a wholly-owned Ghanaian company, regulated in the UK by Financial Conduct Authority-FCA # 592538 and in Ghana by The Bank of Ghana- #00001 under the Payment Systems and Services Act, 2019 (Act 987).
Zeepay supports Sustainable Development Goals (SDG) 3 and is considered a Financial Inclusion Company positioned to improve last mile access. Visit myzeepay.com for more information.Read Full Story