The funding is a hybrid of both equity and balance sheet funds to support its operations. Zeepay offers digital remittances from the diaspora to mobile wallets, bank accounts, and visa cards across 20 markets in Africa.
The fundraise was led by I&P, an impact investing group, and supported by ARK Holdings, a privately held family investment portfolio. GOODsoil VC, an African-focused early-stage venture capital firm committed a follow-on investment as well.
The company raised a debt of USD3.3 million to drive balance sheet activities mainly for liquidity purposes which was led by Absa Bank Ghana in the amount of USD 1.8 million and USD 1.5 million supported by First National Bank Ghana.
Zeepay, prior to the fund raise had deployed a total of about USD 450,000 since its go-to-market in May 2016 to achieve a cumulative average growth rate of about 146% during the 5 years leading to these transactions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now