Ghanaian PE Firm Injaro Invests $2 Million in Fintech Startup Zeepay
Injaro Investment Advisors, a Ghanaian private capital fund manager, has announced a $2 million equity investment in Zeepay Ghana Limited, a wholly Ghanaian-owned global mobile finance service (MFS) provider.
This investment marks the inaugural investment from Injaro’s Injaro Ghana Venture Capital Fund (IGVCF) and represents a significant step in Zeepay’s Series A.5 fundraising round.
Zeepay is a pioneering player in the digital termination of remittance (DTR) sector and the mobile money market, with a footprint in over 20 countries across the globe.
The company specializes in facilitating cross-border payments directly into mobile wallets, serving regions spanning Africa and the Caribbean.
Zeepay’s core vision is to foster financial inclusion and revolutionize cross-border payments, particularly in underserved, low-income markets.
Injaro’s investment is expected to fuel Zeepay’s expansion across multiple countries and reinforce its presence in these new markets.
The investment also aligns with IGVCF’s strategic approach of collaborating with Ghanaian small and medium-sized enterprises (SMEs), demonstrating credible growth potential.
Jerry Parkes, the Managing Director of Injaro Investment Advisors, expressed his enthusiasm about the partnership with Zeepay, which is spearheaded by Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur.
Parkes described their joint aspiration to build a successful Ghanaian multinational and become a frontrunner in the fintech industry.
Parkes also emphasized the importance of financing Zeepay with Ghanaian capital, which ensures that the investment’s profits circulate within the local economy, fostering a virtuous cycle of economic development.
He added that this investment signifies a significant initial step towards establishing connections between Ghana’s pension funds and remarkable local businesses that are pivotal drivers of Ghana’s economic growth.
Injaro’s investment in Zeepay is a landmark event for Ghana’s fintech sector and demonstrates the growing confidence of local investors in the country’s entrepreneurial ecosystem.
The investment is expected to accelerate Zeepay’s growth and expansion, enabling the company to reach more underserved communities and promote financial inclusion across Africa and beyond.
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