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Injaro Investment Advisors, a Ghanaian private capital fund manager, has unveiled an investment in Zeepay Ghana Limited, a wholly Ghanaian-owned global mobile finance service (MFS) provider.
The $2 million equity injection is part of Zeepay’s ongoing Series A.5 fundraising round and signifies the first investment from Injaro Ghana Venture Capital Fund (IGVCF).
Injaro joins a consortium of international investors backing Zeepay, a pioneer in digital termination of remittances (DTR) and mobile money services operating across over 20 countries.
Since its establishment in 2014, Zeepay has specialized in facilitating cross-border payments into mobile wallets, particularly in underserved markets.
Injaro’s investment aims to drive Zeepay’s expansion into multiple countries, aligning with IGVCF’s strategy of supporting Ghanaian small and medium-sized enterprises (SMEs) with growth potential in various sectors.
Jerry Parkes, Managing Director of Injaro Investment Advisors, expressed enthusiasm for partnering with Zeepay to build a successful Ghanaian multinational and underscored the importance of circulating investment profits within the local economy.
Andrew Takyi-Appiah, Co-Founder and CEO of Zeepay, welcomed having a local private equity investor, highlighting its symbolic importance in showcasing Ghana’s confidence in its businesses.
