Ghanaian private capital fund manager, Injaro Investment Advisors has announced a US$2 million equity investment in the Series A.5 round for Zeepay Ghana Limited, a wholly-Ghanaian-owned global mobile finance service (MFS) provider.
In its inaugural investment of its Injaro Ghana Venture Capital Fund (IGVCF), the company joins a consortium of international investors for the current fundraising round at Zeepay.
Zeepay is a leader in the digital termination of remittance (DTR) space and the mobile money market, with a footprint in over 20 countries globally.
Since its inception, in 2014, Zeepay has specialised in providing cross-border payments directly into mobile wallets across Africa and the Caribbean. Zeepay’s vision is to ultimately promote financial inclusion and transform cross-border payments, particularly in low-income markets.
The equity investment by Injaro will therefore allow Zeepay to finance its multi-country expansion efforts and to deepen its market share in these new markets.
A statement from Injaro said this first investment aligns with IGVCF’s strategy to partner with best-in-class profitable Ghanaian SMEs with credible growth potential that operate in sectors such as Inclusive Financial Services, Food and Agribusiness, Education, Healthcare, Manufacturing, and Industrial Services.
Commenting on the investment into Zeepay, Managing Director of Injaro Investment Advisors, Jerry Parkes said “The injaro team is honoured to partner with the Zeepay team, led by Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur…to achieve the ambitious goal of creating a successful Ghanaian multinational and a market leader in the fintech space.”
Parkes said it is especially gratifying to finance Zeepay with Ghanaian capital as that ensures that profits from the investment flow back into the local economy to trigger a virtuous cycle of economic development.
“We believe that this investment represents an important first step in building linkages between Ghana’s pension funds and exceptional local businesses, which are important drivers of Ghana’s economic growth,” he added.
On his part, Co-Founder and CEO of Zeepay, Andrew Takyi-Appiah said “We are delighted to a Ghanaian local private equity investor come on board. This is a testament of the strength of the brand, especially in the current economic climate.”
He expressed his delight in the fact that the investment will send a strong that Ghana believes in its own, and thanked Injaro for making that belief a reality.
Zeepay is currently the number one company on Ghana’s Club100 list, and the second largest mobile finance service (MFS) provider by revenue in the country. The company was just recently adjudge the Brand of the Year at the 2023 EMYAfrica Awards.
