Verdant Capital Raises $10M in Debt Funding for Zeepay, a Leading Cross-Border Payments Company Operating as a Mobile Money Challenger Business
Verdant Capital (www.Verdant-Cap.com) raised $10 million in debt financing for Zeepay. The increase in medium-term debt, which is part of its A.5 series, comes to support Zeepay in an effort to increase its rapidly growing funds transfer business to the wallet.
Debt financing is intended to support the company’s rapid growth. In 2021, the company processed $1.8 billion in transaction volumes, both cross-border and domestic. It is the vision of Zeepay Founder and CEO Andrew Takyi-Appiah I to reach the milestone of $200 billion in annual transaction volumes over the long term.
Godfried Boakye, Chief Financial Officer of Zeepay, said: “Rise has become mission critical as we expand our service offering and expansion in Africa.
Zeepay’s business benefits from several growth drivers, including growth in the number of mobile wallets in recipient populations, as well as growth in wallet termination as a percentage of global remittances. Zeepay is also expanding its Value Added Services (VAS), including offering credit and broadening and deepening its presence in Africa (which now ends in 20 African countries). Zeepay is also expanding into important markets in the Caribbean and Latin America.
Kwabena Appenteng of 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”.
JLD & MB Legal Consultancy, acted as legal counsel to Zeepay in connection with the financing, led by Zoe P. Takyi-Appiah, senior partner of the firm.
Distributed by APO Group on behalf of Verdant Capital.
Liezel van Greunen,
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E : [email protected]
About Verdant Capital:
Verdant Capital is an investment manager and investment bank specializing in private capital markets and operating on a pan-African basis. Verdant Capital is the IMAP partner firm for its region; IMAP is a global mergers and acquisitions partnership with offices in over 40 countries around the world. www.Verdant-Cap.com
Zeepay is the fastest growing FINTECH in mobile financial services across Africa with operations in Ghana and the UK and ending in 20 countries across Africa and with termination agreements in over 90 jurisdictions worldwide. We specialize in terminating funds transfers in mobile wallets and are completely network and partner independent.
Zeepay is a wholly owned Ghanaian company, regulated in the UK by the Financial Conduct Authority-FCA #592538 and in Ghana by the Bank of Ghana-#00001 under the Payment Systems and Services Act 2019 ( law 987).
Zeepay supports Sustainable Development Goals (SDG) 3 and is seen as a financial inclusion company positioned to improve last mile access. Visit myZeepay.com for more information.
This press release was issued by APO. The content is not controlled by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.