Investors & Partenaires (I&P), a France-based investor in small and medium-sized enterprises (SMEs) in sub-Saharan Africa, recently led a funding round for Zeepay, a financial technology (fintech) company with offices in Ghana and the UK United, expand Zeepay’s digital wallet services to more countries in Africa. The funding round includes $ 3 million in I&P equity, $ 800,000 in Ark Holdings equity, $ 800,000 in GOODsoil Venture Capital equity, a USD 1.8 million loan from Absa Bank Ghana and a USD 1.5 million loan from First National Bank Ghana.
Zeepay Founder and CEO Andrew Takyi-Appiah said the new funding “gives Zeepay a solid capital table, before closing our [next funding round] In the coming months.”
Founded in 2014, Zeepay offers national and international money transfers via digital wallets in 23 African countries. Zeepay wallets can be paired with the company’s Remit2save service, which offers cash loyalty payments of up to 5%. The company also offers âmicroinsurance coverage as an incentive to develop and maintain a healthy saving habitâ. This insurance provides clients with approximately 5,000 GHS (US $ 858) per month if they become seriously ill. In 2020, the company facilitated 2.4 million transfers with a total value of $ 400 million.
Launched in 2002, I&P disburses investments ranging from 30,000 EUR (34,000 USD) to 3 million EUR (3.4 million USD). In 2020, the organization reported activity in around 15 countries in sub-Saharan Africa. Data on the volume of I&P funds is not available.
Verdant Capital, which provides capital raising and financial advisory services as well as assistance in mergers and acquisitions, advised Zeepay on the transaction. Verdant Capital has offices in the Democratic Republic of Congo, Ghana, Mauritius and South Africa.
JLD & MB Legal Consultancy is a Ghana-based law firm serving corporations, financial institutions, multinationals and public enterprises. The firm’s specialties include acquisitions and mergers; advisory services for foreign direct investment; banking and finance; energy, oil and gas transactions; general commercial and corporate transactions; natural resources law; and taxes.
By Harriet Ritchie, Research Associate
Additional sources and resources
Business & Financial Times article
Zeepay home page
Home page of Absa Bank Ghana
First National Bank Ghana homepage
GOODsoil Venture Capital home page
I&P Home Page
I&P 2020 Annual Report
Home JLD & MB Legal Advice
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