Ghanaian fintech company Zeepay raised $18 M debt funding to accelerate expansion
The US $18 million senior secured debt funding was obtained by Ghanaian fintech startup Zeepay in order to fortify its working capital and quicken its growth throughout Africa.
Zeepay was founded in 2014 with the goal of connecting digital assets—such as digital tokens, bank accounts, ATMs, cards, and mobile money wallets—to international money transfer companies, payments, subscriptions, international airtime, and refugee payments.
With a presence in over 20 countries worldwide, the startup specializes in helping top international money transfer organizations (IMTOs) settle remittances instantly into mobile money wallets in Africa and the Caribbean.
After raising a US $7.9 million Series A funding round in June 2021, Zeepay last obtained equity funding a year ago. Verdant IMAP, an advisory firm based in South Africa, has now arranged for the company to obtain a US$18 million debt facility.
The new funding will give Zeepay the vital float financing support it needs to handle the liquidity demands of international remittances and real-time mobile money transactions.
The deal’s shared-collateral structure, which will see both new and existing lenders pledge a common pool of assets held by an impartial security trustee, is one of its main features. Every day, an impartial monitoring agent determines the collateral’s worth, guaranteeing openness and preserving asset integrity.
“This structure simplifies investor participation as we execute our growth plans,” said Andrew Takyi Appiah, Zeepay founder and CEO.
