Zeepay, a fintech startup with offices in Ghana and the UK, has received $10 million in medium-term debt financing from Verdant Capital in South Africa.
The capital is a recent addition to Zeepay’s A.5 series financing and is intended to help the company’s rapidly expanding remittance to wallet operation.
Zeepay aims to surpass its transaction volume milestone from 2021, when it processed $1.8 billion in both local and international transactions. Long-term, the corporation aims to transact $200 billion worth of business annually.
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 being supported by a number of growth factors, such as an increase in the number of mobile wallets used by recipient populations and an increase in the wallet termination rate as a share of international remittances.
The Fintech is growing its value-added services (VAS), including its credit offering, as well as its reach in Africa, which has already extended to 20 African countries. Zeepay is also growing in the significant markets of the Caribbean and Latin America.
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”.
