investments

Accra, October 17, 2023– Injaro Investment Advisors, a Ghanaian a private capital fund manager, is delighted to announce a USD 2M equity investment in the Series A.5 round for Zeepay Ghana Limited (‘Zeepay’). In this inaugural investment of its Injaro Ghana Venture Capital Fund (“IGVCF” or the “Fund”), Injaro joins a consortium of international investors including Oikocredit Ecumenical Development Cooperative Society U.A., the lead investor for the current round; Africa50; and I&P Afrique Entrepreneurs II LP, who led Zeepay’s Series A.0 round in 2021.

Zeepay is a fast-growing player 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 specialized in providing cross-border payments directly into mobile money 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. This equity investment will allow Zeepay to finance its multi-country expansion efforts and to deepen its market share in these new markets.

This first investment aligns with IGVCF’s strategy to partner with best-in-class profitable Ghanaian SMEs with credible growth potential that operate in the following sectors: Inclusive Financial Services, Food & Agribusiness, Education, Healthcare, Manufacturing, and Industrial Services. IGVCF also promotes environmental, social and governance best practices in its portfolio companies to support job creation and sustained economic growth in Ghana and Côte d’Ivoire. ‍

Jerry Parkes, MD of Injaro Investment Advisors, commented: “The Injaro team is honoured to partner with the Zeepay team, which is led by Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur. We look forward to working together to achieve the ambitious goal of creating a successful Ghanaian multinational and a market leader in the fintech space. It is especially gratifying to finance Zeepay with Ghanaian capital as this ensures that profits from this 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”.

Andrew Takyi Appiah, CEO of Zeepay Ghana Limited, added: “We are delighted to have 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. I am further delighted that the investment will send a strong signal that Ghana believes in its own. Thank you to the Injaro team for making this a reality.”‍

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About Injaro:

‍Injaro Investment Advisors Limited (Injaro) is an investment advisory firm licensed by the Ghana Securities & Exchange Commission and is part of an international group which manages over USD 100M across multiple funds and has investments across Sub-Saharan Africa. The team has expertise in the areas of private equity, corporate finance advisory, asset management, management consulting and project management. Injaro manages the Injaro Ghana Venture Capital Fund (IGVCF), a private equity fund backed by local pension funds and registered under the laws of Ghana and licensed by the Securities and Exchange Commission of Ghana.

About Zeepay Ghana Limited:‍

Zeepay Ghana Limited (“Zeepay”) is a leading provider of digital remittance termination and mobile money services which was founded in 2014. The Company has a footprint in over 20 countries worldwide and has existing partnerships with well-known remittance players such as MoneyGram, Remitly and TapTap Send. The business is successfully transitioning into an integrated omni-channel digital payments and value-added financial services provider operating across the continent.

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For more information, please contact: Jerry Parkes jerry@injaroinvestments.com or igvcf@injaroinvestments.com .

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