Ghana-based PayTech company Zeepay has reportedly raised $10m in a funding round.
The capital injection was led by Symbiotics BV, which supplied $9m to the round, according to a report from Tech Moran. The remaining $1m was supplied by an unnamed Mauritius-based fund.
Zeepay is currently looking to increase its annual turnover from $1.5bn in 2021 to $200bn over the next five years.
The FinTech company offers a suite of financial services. Its features include cash payout, remittance, ATMs, digital wallets, cards, bank accounts and digital token access.
In 2020, Zeepay received an electronic money issuer (EMI) licence from the Bank of Ghana. This accreditation allows the company to offer a variety of services, such as peer-to-peer. Transfers, payments and digital remittances, cash in and cash out, and more.
The company became the first non-bank financial services company to receive this type of licence.
Speaking on the deal, Zeepay CFO Godfried Boakye told Tech Moran, “The raise had become mission critical as we expand our service offering and African expansion and well within a manageable Loan to value ratio of 9%. This will help augment support from local African Banks the likes of Ecobank, Fidelity Bank and Absa.”
Last month, fellow Ghana-based FinTech company Fido raised $30m in its Series A funding round. The company helps individuals and entrepreneurs capture financial opportunities. Since its launch, it has distributed over 1.5 million loans, with a total value exceeding $150m to its 340,000 customers.
Earlier in the year, Kreesibl launched with the aim of helping millennials with their financial wellness journey. The AI-powered FinTech platform was founded by Lydia Ofori who migrated to London from Ghana in her teens. Ofori experienced financial struggles following the sudden passing of her father and overcame many challenges to see the launch of Kreesibl.
Ofori said, “These were moments when I realised just how much I loved helping people. I enjoyed being part of a support ecosystem and the excitement around startups. But there’s a difference between excitement and actually doing business and launching a start-up.”
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