The Ghanaian fintech startup Zeepay recently secured a $3 million equity investment from the venture capital firm, Verdant Capital Hybrid Fund. Zeepay plans to use the raised funds to bolster its standing as it prepares for significant growth in 2024.
Solidifying Zeepay’s Position in Africa
The Ghanaian fintech startup, Zeepay, recently secured a $3 million equity investment from the South African venture capital firm, Verdant Capital Hybrid Fund. This latest injection brings the total capital raised by the VC firm since its inception to $23 million.
According to a report, Zeepay plans to use the raised funds to bolster its standing as it prepares for significant growth in 2024. The funding also aids Zeepay in solidifying its position in the African remittances market.
“We are thrilled to welcome Verdant Capital Hybrid Fund as a new shareholder in our mobile money journey,” said Andrew Takyi-Appiah, Zeepay’s Managing Director.
In addition to strengthening Zeepay’s status as one of Africa’s leading remittance and mobile money platforms, Verdant Capital’s investment reportedly enhances the startup’s appeal to investors. As stated in the report, the South African VC’s investment in Zeepay makes it the fifth institutional investor to join the startup in the past three years.
Meanwhile, Kwabena Appenteng, a director at Verdant Capital, said Zeepay’s track record of hard currency earnings via its remittance-to-wallet model prompted his firm to invest in the fintech startup. Appenteng also praised Zeepay’s management team, which he said has been instrumental in the startup’s success.