Verdant Capital Hybrid Fund has completed its fourth investment in just over two years since its closing, with a US$3 million preferred equity investment in Zeepay.
Zeepay specialises as a Mobile Money Challenger, and is currently the biggest non-telco Mobile Money Operator in Africa by balance sheet and revenue with Mobile Money Licenses in six countries – Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia and Barbados.
Zeepay further terminates remittances into Mobile Money Wallets across all networks, including its own wallets available in six countries. Zeepay has a financial inclusion partnership with UNCDF.
This year marks Zeepay’s ten years of existence. The company has over 200 staff, with offices across Africa, Europe, and the Caribbean.
Managing Director of Zeepay, Andrew Takyi-Appiah said, “We are happy to welcome Verdant Capital Hybrid Fund, our new shareholder, into the business. Making it the fifth institutional shareholder in less than three years after the initial investment by I&P. The new funding raised will be used to strengthen our financial position in support of our high growth in 2024.”
Director at Verdant Capital, Kwabena Appenteng said, “Zeepay offers investors like Verdant an attractive combination of hard currency earnings through its remittance-to-the-wallet business and growth opportunities across the continent. As a testament to the strength of the management team at Zeepay. the business reached profitability earlier in its lifecycle than other fintechs and has maintained strong profitability while growing and diversifying its footprint and revenue base.”
Transaction advisors for Zeepay in this deal was JLD & MB Legal Consultancy, the premier and award-winning corporate and commercial law firm in Ghana.
About Zeepay
Founded in 2014, Zeepay Ghana Ltd is a trailblazer in digital remittance termination and mobile financial services across Africa and the Caribbean. Zeepay is Africa’s fastest growing fintech. With a presence in over 20 countries globally, Zeepay has forged strong partnerships with major remittance entities, including MoneyGram. As a wholly-owned Ghanaian enterprise, Zeepay takes pride in its strong regulatory compliance, operating under the oversight of the Financial Conduct Authority (FCA) in the United Kingdom (license #592538) and the Bank of Ghana (license #00001). For further information and to experience our services, visit: www.myzeepay.com.
About Verdant Capital
Verdant Capital is a leading investment bank and investment manager operating on a Pan-African basis and specialising in private capital markets. Verdant Capital is the manager of the Verdant Capital Hybrid Fund. The Verdant Capital Hybrid Fund is investing mezzanine capital into inclusive financial institutions on a pan-African basis. www.verdant-cap.com.
