MICROCAPITAL BRIEF: Fintech Zeepay Secures $10M in Debt Funding and Expands Digital Wallet Services in Africa and Latin America

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Verdant Capital, an African corporate finance firm, recently announced that it has raised $10 million in “mid-term” debt financing for Zeepay, a financial technology (fintech) company serving 20 countries in Africa as well as, via partners, markets in the Americas and Europe. Zeepay, which has offices in Ghana and the UK, plans to use the funding to develop: (1) its range of value-added services, such as loans; and (2) expand its business in Africa, Latin America and the Caribbean.

Founded in 2014, Zeepay offers domestic and international money transfers through digital wallets. Its services allow users to direct their funds to banks, payment cards, ATMs, and purchases of insurance and mobile airtime. Customers can also make withdrawals through banks, fuel retailers and other agents. In 2021, the company facilitated transfers worth a total of USD 1.8 billion.

Verdant Capital, a corporate finance firm operating from offices in Ghana, Mauritius and South Africa, provides advisory services in capital raising as well as mergers and acquisitions to clients across the Africa. These customers span agro-industry, renewable energy, business services, financial services and manufacturing industries. The company also manages the Verdant Capital Hybrid Fund, which has a volume of $80 million that it invests in inclusive financial institutions. The word “hybrid” in the fund’s name refers to an “intermediate level of capital that can be tapped by local and international senior debt investors”.

By Nithin Naren, Research Associate

Sources and additional resources

Leafy press release
https://verdant-cap.com/verdant-capital-raises-usd-10-million-of-debt-funding-for-zeepay-leading-cross-border-payments-company-operating-as-a-challenger- mobile-money-company/

Zeepay home page
https://www.myzeepay.com

Previous MicroCapital article on Zeepay
https://www.microcapital.org/microcapital-brief-ip-leads-8m-debt-equity-funding-round-for-zeepay-to-expand-mobile-money-services-in-africa/

Previous article by MicroCapital on Verdant
https://www.microcapital.org/microcapital-brief-verdant-capital-arranges-3m-revolving-credit-facility-for-zambias-pan-african-building-society-pabs/

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