Africa50, an infrastructure investment platform, and Oikocredit, a social impact investor, have led an equity investment in Ghanaian fintech Zeepay to assist it expand on the continent and beyond.

The investment will enable Zeepay to expand its cross-border remittance and mobile financial services operations across Africa and the Caribbean.

Other investors include Injaro Ghana Venture Capital Fund and Verdant Capital Hybrid Fund, with Investisseurs & Partenaires providing a follow-up investment.

Zeepay, a payment infrastructure company, was founded in 2014 and operates in over 20 countries worldwide.

On behalf of key international money transfer agencies, the fintech enables the quick settlement of remittances into mobile money wallets.

Last year, the business settled over ten million remittance transactions, valued at more than $3 billion.

According to the investors, the latest equity investment is expected to help Zeepay grow its geographical reach and strengthen its offering to international money transfer operators, as well as remittance senders and recipients.

Andrew Takyi-Appiah, founder and CEO of Zeepay Ghana, commented: “The raise will greatly assist us in completing our ongoing expansion drive into the rest of Africa. Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next two years, leveraging remittances in partnership with MoneyGram.”