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.
Andrew Takyi-Appiah, Managing Director of Zeepay, 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.”
Kwabena Appenteng, Director at Verdant Capital, 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.”
Zeepay was advised by JLD & MB Legal Consultancy, the premier and award-winning corporate and commercial law firm in Ghana.
