Zeepay, a Ghanaian fintech startup, has raised USD 7.9 Mn in Series A funding to help it expand. Its Series A round is a combination of equity and balance sheet funding to support its operations and was led by I&P, which invested in USD 3 Mn and supported by ARK Holdings, which contributed USD 800 K.
GOODsoil VC made a USD 800 K follow-on investment, while Zeepay raised an additional USD 3.3 Mn in debt capital to support balance sheet activities, primarily for liquidity. Absa Bank Ghana spearheaded the initiative and supported by First National Bank Ghana.
Zeepay focuses on building digital rails that connect digital assets including mobile money wallets, cards, ATMs, bank accounts, and digital tokens to international money transfer operators, payments, subscriptions, overseas airtime, and refugee payments.