Zeepay Nets $3 Million Investment from Verdant Capital to Fuel Global Ambitions

Zeepay, a prominent Ghana-based remittance and mobile money service provider, has secured a substantial $3 million equity investment from Verdant Capital Hybrid Fund.

This latest investment marks Verdant's fourth venture into Zeepay within a span of just over two years.

Founded a decade ago, Zeepay has amassed over $23 million in funding since its inception and has emerged as a key player in the fintech landscape.

With this recent injection of capital, the company aims to fortify its financial standing, gearing up for anticipated high growth throughout 2024.

Positioned as a leading non-telco mobile money operator across Africa, Zeepay boasts licenses in multiple countries including Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados.

Specializing in facilitating remittances into mobile wallets, the company operates seamlessly across various networks and partners.

Despite its humble beginnings, Zeepay has rapidly expanded its operations, now employing over 200 staff members with offices spanning across Africa, Europe, and the Caribbean.

By 2022, the company had already established its presence in 23 countries.

Distinguishing itself as a mobile money challenger, Zeepay prides itself on terminating remittances into mobile money wallets across all networks, including its proprietary wallets available in the six markets it currently serves globally.

In a significant feat, Zeepay secured the second-highest revenue in mobile finance services in 2022, following closely behind MTN MoMo.

Notably, the company achieved profitability at an earlier stage compared to its competitors, and has since maintained robust profitability while expanding its reach and diversifying its revenue streams.

Source: Osamu Ekhator / TechPoint Africa