Verdant Capital, an African corporate finance firm, recently announced it has raised USD 10 million in “medium-term” debt funding 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) grow its operations in Africa, Latin America and the Caribbean.
Founded in 2014, Zeepay offers domestic and international fund transfers via digital wallets. Its services allow users to direct their funds to banks, payment cards, automated teller machines, and purchases of insurance and mobile airtime. Customers can also cash out via banks, fuel retailers and other agents. During 2021, the firm facilitated transfers with 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 merger and acquisition advisory services to clients across Africa. These clients span the agri-business, renewable energy, business services, financial services and manufacturing industries. The firm also manages the Verdant Capital Hybrid Fund, which has a volume of USD 80 million that it invests in inclusive finance institutions. The word “hybrid” in the fund’s name refers to an “intermediate capital tier that can be leveraged by local and international senior debt investors.”
By Nithin Naren, Research Associate
Sources and Additional Resources
Verdant 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 homepage
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 MicroCapital article 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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