MICROCAPITAL BRIEF: Fintech Zeepay Raises $10M in Debt Funding, Expands Digital Wallet Services in Africa, Latin America
Verdant Capital, an African corporate finance firm, recently announced that it has raised US$10 million in “medium-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 expand: (1) its range of value-added services, such as lending; and (2) expand its operations in Africa, Latin America and the Caribbean.
Zeepay was founded in 2014 and offers national and international money transfers via digital wallets. The services allow users to send their money to banks, payment cards, ATMs and purchase insurance and mobile airtime. Customers can also withdraw through banks, fuel retailers and other agents. During 2021, the firm facilitated transfers to a total value of USD 1.8 billion.
Verdant Capital, a corporate finance firm operating from offices in Ghana, Mauritius and South Africa, provides capital raising as well as mergers and acquisitions advisory services to clients across Africa. These customers span agriculture, renewable energy, business services, financial services and manufacturing. The firm also manages the Verdant Capital Hybrid Fund, which has a volume of USD 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 leveraged by local and international senior debt investors.”
By Nithin Naren, Research Assistant
Sources and additional resources
Verdant press release
Zeepay website
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