Ghana- and UK-based fintech company, Zeepay has received a $10 million medium-term debt capital from South Africa’s Verdant Capital.
Targeted at supporting Zeepay’s fast-growing remittance to wallet business, the capital forms part of its A.5 series raised recently.
Zeepay seeks to go beyond its 2021 milestone, where it processed $1.8 billion in transaction volumes, cross-border and domestically. The company wants to reach a $200 billion milestone in annual transaction volumes in the long-term.
Godfried Boakye, CFO of Zeepay, 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 of the wallet as a percentage of global remittances.
The Fintech is 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.
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