GHANA – Zeepay, a Ghanaian mobile financial services company that specialises in offering integrated mobile payment services, has raised US$10 million to expand its rapidly expanding remittance to wallet business.

The Series A.5 medium term debt raise was led by Symbiotics BV with US$9 million and a participation from Mauritius-based fund investing US$1 million, for a total of US$10 million.

The FinTech company offers a suite of financial services. Its features include cash payout, remittance, ATMs, digital wallets, cards, bank accounts and digital token access.

“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 5 years,” Founder and Managing Director, Andrew Takyi-Appiah said.

The 2014-founded business enables the processing of numerous mobile phone payments and functions as an aggregator, bringing all transactions from all parties together on a single platform.

The business’s main application, which utilises open source software, was created to link different payment systems, banks, retailers, mobile network operators (MNOs), and other businesses with subscriber-based transactions.

“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,” Kwabena Appenteng, Transaction Advisor at Verdant Capital, said.

Zeepay has a presence in more than 20 African nations and, in April 2020, became the first locally-owned business to be granted the Electronic Money Issuer (EMI) licence by the Bank of Ghana to operate as a provider of mobile financial services.

Zeepay is currently looking to increase its annual turnover from $1.5bn in 2021 to $200bn over the next five years.

“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%. This will help augment support from local African Banks the likes of Ecobank, Fidelity Bank and Absa,” Godfried Boakye, CFO, added.

In 2020, Zeepay received an electronic money issuer (EMI) licence from the Bank of Ghana. This accreditation allows the company to offer a variety of services, such as peer-to-peer. Transfers, payments and digital remittances, cash in and cash out, and more.

The company became the first non-bank financial services company to receive this type of licence.

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