ZEEPAY, a completely Ghanaian owned mobile financial services company centred on providing integrated mobile payments services with mobile wallets has announced the completion of raising of US$940 000 in a seed funding round held in December 2020, which was led by GOODsoil VC, an Africa-focused early-stage venture capital firm founded in 2017.
This investment will be used by the startup to continue its plans to scale and roll out its services across the African continent and extend its global reach by launching in the UK in 2021. Zeepay focuses on digital rails to connect digital assets. The company has footsteps in more than 20 African markets and in April 2020 it became the first indigenous company to be awarded the Electronic Money Issuer (EMI) license to operate as a mobile financial services company by the Bank of Ghana, the regulator of banking and financial services.
What Zeepay has to say
“We are delighted to have GOODsoil on board. We believe with their strong brokerage background, with leading Ghanaian brokerage firm Obsidian Achernar in their portfolio, we will be able to attract good pricing on Foreign Exchange for our wholesale clients,” said Zeepay co-founder and managing director Andrew Takyi-Appiah.
“In the deal, two initial shareholders at Zeepay exited from an initial investment of about USD24,000 in 2015 to USD940,000 at the 2020 exit, making it the first of the kind that a Ghanaian investor has exited a local startup with such significant gains,” he also added.
What GOODsoil VC has to say
“GOODsoil will remain bullish on Africa for the foreseeable future, as we scale our portfolio and invest in new exceptional startups. We look forward to shortly confirming a $67.5M fund we are currently raising,” said Charmaine Hayden.
About Zeepay
ZEEPAY is a FinTech company targeting the unbanked and banked population with the goal of bringing the unbanked into the financial stream and facilitating payments and collections for the banked population. It was founded by Andrew Takyi-Appiah in 2014.
About GOODsoil
Based in London and Accra, with a portfolio as diverse as its team, the VC aims to fund 50+ startups in the next 5 years, while also building long term relationships with investors who are equally passionate about tech innovation, early-stage companies and investment in Africa. It was founded by Charmaine Hayden, Orla Enright, Ashley Thompson-MacCarthy and Richard Mensah. GOODsoil comprises 50% female and 75% black youth partners with the intent on becoming catalysts of economic growth for minority founders across Africa.
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