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I&P leads $7.9m Series A.0 fund raise in Zeepay

Africa Global Funds
July 13, 2021, 9:16 a.m.
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Investisseurs & Partenaires (I&P) has led a $7.9m Series A.0 fund raise in Zeepay. a Ghanaian fintech company.

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Investisseurs & Partenaires (I&P) has led a $7.9m Series A.0 fund raise in Zeepay. a Ghanaian fintech company.

I&P’s investment of $3m was supported by ARK Holdings, a privately held family investment portfolio on behalf of Andrew Takyi-Appiah and Zoe Takyi-Appiah in the amount of $800,000.

GOODsoil VC, an African-focused early-stage venture capital firm, committed an $800,000 follow-on investment.

The company also raised a debt of $3.3m to drive balance sheet activities, mainly for liquidity purposes, which was led by Absa Bank Ghana in the amount of $1.8m and $1.5m supported by First National Bank Ghana.

Zeepay is a pioneer of digital remittances from the diaspora to mobile wallets, bank accounts and visa cards across 20 markets in Africa.

The business is successfully transitioning into an integrated omni-channel digital payments and value-added financial services provider operating across the continent.

Baafour Otu-Boateng, Investment Director at I&P, said: “Zeepay has proven itself unique in its ability to take a leading position in the rapidly growing world of African fintechs while delivering profitability. We are excited to partner with a management team that has demonstrated a robust track-record of delivering innovative products and services that transform the remittance and mobile money ecosystems. As an impact investor, we look forward to supporting Zeepay’s remarkable growth story as the company deepens financial inclusion for millions of users across Africa.”

Andrew Takyi-Appiah, Managing Director and Founder of Zeepay, added: “Our raise of $7.9m in Series A.0 gives Zeepay a strong capital table, ahead of closing our Series A.5 in the coming months. I am delighted to mention that the raise is coming at a time when we have successfully moved into our new Commercial Property in Accra.”

The transaction advisors for this fundraise were Verdant Capital and JLD & MB legal Consultancy.

According to Verdant Capital, Zeepay has the potential to transform how Africans implement payments across borders and domestically; and how these payments are integrated into value-added services such as credit and insurance. Zeepay has built a formidable market position in its anchor market of Ghana, which it is now replicating in synergistic markets across the continent. Verdant expects this strategy to continue driving rapid revenue growth, profitability and financial inclusion.

Merene Benyah, Founding Partner of JLD & MB Legal Consultancy, said: “We are extremely proud of our client, Zeepay, for this landmark raise, and pleased to have supported Zeepay since its inception in 2014. Zeepay is a strong brand and comes to the transaction with a lot of experience and insight.

“The successful close of both debt and equity at a time when most markets have contracted is a strong indication of the trajectory that the company is on. We believe their success today will put Ghana once again on the world map, and confirm Zeepay as a strong contender in the Fintech space.”

 

 

 

 

 

 

 

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