Verdant Capital Raises $10M in Debt Funding for Zeepay

By Edlyn Cardoza

Today

  • Africa
  • Cross border payment
  • National payment

Verdant Capital has 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, CFO of Zeepaysaid, “The augmentation had 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 and 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 closure 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 are working to deepen the African fintech ecosystem”.

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