Ghana: Injaro announces investment in Zeepay

Injaro Investment Advisors, a Ghanaian private capital fund manager, has made a $2 million equity investment in Zeepay’s Series A.5 round.

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Injaro Investment Advisors, a Ghanaian private capital fund manager, has made a $2 million equity investment in Zeepay’s Series A.5 round. In this inaugural investment of its Injaro Ghana Venture Capital Fund (IGVCF), Injaro joins a consortium of international investors for the current fundraising round.

Zeepay is a 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 specialised in providing cross-border payments directly into mobile money wallets across Africa and the Caribbean.

Jerry Parkes, managing director 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.”

IGVCF’s list of Investors include Stanbic Investment Management Services (representing Axis Pensions Trust and other investors); Petra Advantage Pension Scheme and Petra Opportunity Pension Scheme; Databank Asset Management Services (representing the interests of the Ghana Education Service Occupational Pension Scheme); the Venture Capital Trust Fund and the Mineral Income Investment Fund (MIIF).

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