Zeepay raises $940k seed fund

The Ghanaian fintech startup has raised $940k in a seed funding round

Ifeanyi Macdonald Ugochukwu
Ifeanyi Macdonald Ugochukwu

Zeepay last week raised a $940k seed funding round. This seed fund enables the fintech company to scale and roll out its services across the continent. It raised the seed from GOODsoil VC, an African focused early-stage venture capital firm founded in 2017.

Zeepay is a fintech focused on digital rails to connect digital assets like mobile money wallets, ATMs, cards, bank account, and digital tokens to international money transfer operators, payments, subscriptions, international airtime and refugee payments. The startup wants to improve financial inclusion and make the world a better place to live.

Zeepay is operational in 23 countries and have facilitated a million transactions, according to their homepage. In April 2020, The Bank of Ghana awarded the startup an Electronic Money Issuer (EMI) license to enable it operate as a mobile financial services company. The startup has plans to launch in the UK next year.

Zeepay co-founder, Andrew Takyi-Appiah. Image Source: Wiki Project

Zeepay’s co-founder and managing director, Andrew Takyi-Appiah, was delighted to have GOODsoil on board. According to him, the venture capital firm will be beneficial to Zeepay with their strong brokerage background. With Ghana’s leading brokerage firm Obsidian Achernar in GOODsoil’s portfolio, Takyi-Appiah believes Zeepay will be able to attract good pricing on foreign exchange for their wholesale clients.

Ghana in focus:

Population: 30.4 million (2019)

GDP: $66.984 billion (2019)

GDP Per Capita: $2,220 (2019)

Ifeanyi Macdonald Ugochukwu

Credit Risk Officer | Development economics enthusiast | Entrepreneur