back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Verdant Capital raises USD 10m of debt funding for Zeepay

By Edlyn Cardoza

August 12, 2022

  • Africa
  • Cross Border Payment
  • Domestic Payment
Share

Verdant Capital, Zeepay, Remittance, Wallet Business, Cross Border Payment, Domestic Payment, VAS, Mobile Wallets, Financial Institutions, AfricaVerdant Capital has raised USD 10 million of debt funding for Zeepay. 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 in transaction volumes, cross-border and domestically. It is the vision of the Founder and Managing Director of Zeepay, Andrew Takyi-Appiah I, to reach the milestone of USD 200 billion in annual transaction volumes in the long term.

Godfried Boakye, Zeepay’s CFO, 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 and growth in the termination of the wallet as a percentage of global remittances. Zeepay is also 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 significant 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”.

Previous Article

August 12, 2022

Together Credit Union selects Empower, Black Knight’s Loan Origination System

Read More
Next Article

August 16, 2022

YES BANK enables its business enterprise customers to go live on ONDC

Read More










IBSi Daily News Analysis

September 30, 2022

Africa

Is sustainable/green finance needed more than ever before?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

September 30, 2022

Inswitch and Mastercard International partner to deliver digital payments

Read More

September 30, 2022

Verity goes live with financial literacy app for kids in the UAE

Read More

September 30, 2022

Line and Checkbook partner to introduce faster payments options to its customers

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022