South African firm, Verdant Capital (www.Verdant-Cap.com) has raised US$10 million of debt funding for Zeepay, a financial institution in Accra, Ghana. The medium-term debt raise, which forms part of its A.5 series, comes to support Zeepay in a bid to augment its fast-growing remittance to wallet business.
The debt funding is intended to support the rapid growth of the business. In 2021, the company processed US$ 1.8 billion of transactions volumes, cross-border and domestically.
It is the vision of the Founder and Managing Director, of Zeepay, Andrew Takyi-Appiah I, to reach the milestone of US$200 billion of annual transaction volumes in the long-term.
Godfried Boakye, Zeepay’s CFO, said: “The raise had become mission critical as we expand our service offering and African expansion.”
Zeepay’s business is enjoying multiple growth drivers, including growth in the number of mobile wallets in recipient populations, as well as growth in the termination to the wallet as a percentage of global remittances.
Zeepay is also expanding its value-added services (VAS) including credit offering and broadening and deepening its footprint in Africa (now terminating into 20 African countries).
Zeepay is also expanding into the important Caribbean and Latin American markets.
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 funding, led by Zoe P. Takyi-Appiah, a senior partner at the firm.