Ghanaian digital wallet Zeepay announced completion of a US$ 7.9 million Series A funding that is a hybrid of both equity and balance sheet funds to support its operations.

The fundraise was led by I&P, an impact investing group with over US$ 250 million in assets under management in the amount of US$ 3 million, and supported by ARK Holdings, a privately held family investment portfolio on behalf of Andrew Takyi-Appiah (Managing Director) and Zoe Takyi-Appiah in the amount of US$ 800,000.

GOODsoil VC, an African-focused early-stage venture capital firm committed a follow-on investment to the tune of US$ 800,000 and were advised by Obsidian Achernar, a financial services firm licensed by Bank of Ghana.

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

Zeepay, prior to the fund raise had efficiently deployed a total of about US$ 450,000 since its go-to-market in May 2016 to achieve a cumulative average growth rate of about 146 percent during the 5 years leading to these transactions.

The Ghanaian fintech enables digital remittances from the diaspora to mobile wallets, bank accounts and visa cards across 20 markets in Africa.

Andrew Takyi-Appiah, Managing Director and Founder of Zeepay said,

“Our raise of USD7.9 million in Series A gives Zeepay a strong capital table, ahead of closing our Series A 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.”