The ten-year-old company, with a presence in over 23 countries and a workforce exceeding 200 employees spread across Africa, Europe, and the Caribbean, has raised over $23 million since its inception.

Zeepay plans to leverage the fresh capital injection to solidify its financial standing in anticipation of significant growth projected for 2024.

Zeepay stands out as a non-teleco mobile money operator in Africa, holding licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados.

The company specializes in facilitating remittance deposits directly into mobile wallets, functioning seamlessly across various networks and partnering with diverse stakeholders.

“We are thrilled to welcome Verdant Capital Hybrid Fund as a new shareholder in our mobile money journey,” said Andrew Takyi-Appiah, Managing Director of Zeepay.

This investment strengthens Zeepay’s position as a leading player and positions the company for continued expansion.

It also solidifies Zeepay’s attractiveness to investors, becoming the fifth institutional shareholder to join the company in less than three years. This follows the initial $7.9 million equity investment by Investisseurs & Partenaires (I&P).

Kwabena Appenteng, Director at Verdant Capital, expressed his confidence in Zeepay, highlighting the company’s “solid track record of hard currency earnings through its remittance-to-wallet business model and vast growth opportunities across Africa.”

He further commended “the strength of the management team at Zeepay” as a key factor in the company’s success.