Zeepay, a Ghanaian fintech startup, has announced that it has raised $10 million series A.5 investment round.

The medium-term debt raise, which forms part of its A.5 series, comes to support Zeepay in a bid to augment its fast-growing remittance to wallet business. The raise was led by Symbiotics BV with $9 million and supported by a Mauritius-based fund with $1 million totaling $10 million.

Founded in 2014 by Andrew Takyi-Appiah, Zeepay focuses on digital rails to connect digital assets. The company has a footprint in more than 20 African markets.

Commenting, CEO Appiah said: The raise was necessary and comes at the time when we are planning to increase our annual turnover from USD 1.5 billion circa 2021 to USD 200 billion over the next 5 years.”

Godfried Boakye, CFO, mentioned that the raise had become mission critical as we expand our service offering and African expansion and well within a manageable Loan to value ratio of 9%. This will help augment support from local African Banks the likes of Ecobank, Fidelity Bank and Absa.

Kwabena Appenteng, Transaction Advisor at Verdant Capital, said ‘we are delighted to see the close of this component of the round and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African fintech ecosystem.

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