Zeepay Raises $10M To Support Growth

Verdant Capital has raised $10 million of debt funding for South African fintech startup Zeepay.

Zeepay focuses on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, bank account and digital tokens to international money transfer operators, payments, subscriptions, international airtime and refugee payments.

Verdant Capital announced on Thursday that 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 USD 1.8 billion of transaction volumes, cross-border and domestically,” Verdant said.

Godfried Boakye, Zeepay’s CFO, said: “The raise had become mission critical as we expand our service offering and African expansion.”

The firm is also expanding its value-added services (VAS) including credit offering and broadening and deepening its footprint in over 20 African countries. It is also expanding into the Caribbean and Latin American markets.

“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” Kwabena Appenteng, of Verdant Capital, said.