Verdant Capital Raises $10 Million Debt Fund For Zeepay

The debt funding is intended to support the rapid growth of the business

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Verdant Capital has raised $10 million of debt funding for Zeepay. The medium-term debt raises, which forms as a part of its A.5 Series, comes to support Zeepay in a bid to augment its fast-growing remittance to wallet business. The debt funding is intended to support the rapid growth of the business.

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"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 ecosystem," said Kwabena Appenteng of Verdant Capital.

Verdant Capital is an investment manager and investment bank specializing in the private capital markets and operating on a pan-African basis. Verdant Capital is the IMAP partner firm for its region.

"The fund raise had become mission critical as we expand our service offering and African expansion," said Godfried Boakye, CFO, Zeepay.

Zeepay's business is enjoying multiple growth drivers including growth in the number of mobile wallets in recipient populations, as well as growth in the termination to the wallet as a percentage of global remittances. Zeepay is expanding its value-added services including credit offering, broadening and deepening its footprint in Africa. The company also plans to expand into the Caribbean and Latin American markets, as per a statement.