Zeepay is a non-telco mobile money operator in Africa, boasting licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. It specializes in remittance termination into mobile wallets and collaborates with all networks and partners.
Expansive Presence
The Ghanaian fintech employs over 200 individuals and maintains offices across Africa, Europe, and the Caribbean. By 2022, Zeepay had established its presence in 23 countries.
Injaro Secures $17.5 Million Fund
Injaro, a financial institution, secures a $17.5 million fund aimed at supporting SMEs in Ghana and Ivory Coast. Zeepay, the mobile money challenger, efficiently terminates remittances into mobile money wallets across all networks, including its wallets available in the six global markets it currently operates in.
Notable Revenue and Profitability
In 2022, Zeepay, following MTN MoMo, garnered the second-highest revenue in mobile finance services. The mobile money business reportedly reached profitability early in its lifecycle compared to its peers. Despite its expansion and diversification efforts, Zeepay has maintained strong profitability.
New Shareholder: Verdant Capital Hybrid Fund
Andrew Takyi-Appiah, the Managing Director of Zeepay, expresses satisfaction in welcoming investor Verdant Capital Hybrid Fund as a new shareholder. This development marks the fifth institutional shareholder to join Zeepay within three years since the initial $7.9 million equity investment by Investisseurs & Partenaires (I&P).
Investment Insight
Kwabena Appenteng, Director at Verdant Capital, emphasizes that Zeepay provides his investment firm with a solid track record of hard currency earnings through its remittance-to-wallet business model. He attributes this success to “the strength of the management team at Zeepay.”
Source: Techpoint