Adding another significant chapter to its investment portfolio, Verdant Capital Hybrid Fund recently injected $3 million in preferred equity into Zeepay, marking the fund’s fourth investment in just over two years.
Zeepay, a Mobile Money Challenger, stands as a beacon in Africa’s financial landscape, boasting the title of the largest non-telco Mobile Money Operator in the continent by balance sheet and revenue. With Mobile Money Licenses spanning six countries including Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados, Zeepay’s reach is expansive and its impact profound.
The company’s forte lies in seamlessly terminating remittances into Mobile Money Wallets across various networks, including its proprietary wallets available in six countries. Moreover, Zeepay’s commitment to financial inclusion is underscored by its partnership with UNCDF, further cementing its dedication to bridging the financial gap in underserved communities.
Celebrating a decade of existence this year, Zeepay stands tall with a workforce of over 200 spread across Africa, Europe, and the Caribbean. Andrew Takyi-Appiah, Zeepay’s Managing Director, expressed elation at welcoming Verdant Capital Hybrid Fund as a new shareholder, highlighting the fund’s significant role in bolstering the company’s financial position to fuel its growth trajectory in 2024.
Kwabena Appenteng, Director at Verdant Capital, emphasized Zeepay’s allure to investors, citing its blend of hard currency earnings from remittance-to-wallet operations and promising growth prospects across the continent. He lauded Zeepay’s management team for steering the company to profitability early in its lifecycle and maintaining robust financial performance while expanding its footprint and revenue streams.
Notably, Zeepay received legal counsel from JLD & MB Legal Consultancy, a renowned corporate and commercial law firm based in Ghana.
Zeepay, founded in 2014, has emerged as a trailblazer in digital remittance termination and mobile financial services across Africa and the Caribbean. With a global presence spanning over 20 countries, Zeepay has established formidable partnerships with major remittance entities, including MoneyGram. Committed to regulatory compliance, Zeepay operates under the oversight of the Financial Conduct Authority (FCA) in the United Kingdom and the Bank of Ghana.
Verdant Capital, a leading investment bank and manager operating on a Pan-African scale, specializes in private capital markets. Managing the Verdant Capital Hybrid Fund, the firm channels mezzanine capital into inclusive financial institutions across Africa, contributing to the region’s economic empowerment and development.
The collaboration between Zeepay and Verdant Capital Hybrid Fund not only signifies a strategic investment move but also underscores the potential for sustainable financial inclusion and growth in Africa’s burgeoning fintech landscape.
