Verdant Capital Raises US$7.9 Million for Zeepay

Verdant Capital Raises US$7.9 Million for Zeepay

Verdant Capital has successfully completed its fourth major fintech transaction in the last 12 months, raised us$7.9 million for leading challenger fintech, Zeepay according to a statement.

The debt and equity raise for leading challenger fintech, Zeepay, head-quartered in Ghana, follows a USD 20 million equity and debt capital raise for Tugende, an East African technology-enabled asset financing business, a USD 11 million debt capital raise for Retail Capital a technology-driven SME-lender in South Africa, and a USD 13 million equity and debt raise for Planet42 an innovative car subscription business in South Africa.

Zeepay is a pioneer of digital remittances from the diaspora to mobile wallets, bank accounts and visa cards across 20 markets in Africa, where it either operates a mobile money business or has approved partnerships.

The business is successfully transitioning into integrated Omni-channel digital payments and value-added financial services providers operating across the continent.  Verdant Capital positioned Zeepay’s USD 7.9 million equity and debt raise as Series A.0.

Zeepay, prior to the fundraising, had efficiently deployed a total of about USD 450,000 since its go-to-market in May 2016 to achieve a cumulative average growth rate of about 146 per cent in the following five years.  Zeepay has achieved this growth rate while maintaining operating profitability and reinvesting the profits.

In Verdant Capital’s view, Zeepay has the potential to transform how Africans implement payments across borders and domestically; and how these payments are integrated into value-added services such as credit and insurance.

Zeepay has built a formidable market position in its anchor market of Ghana, which it is now replicating in synergistic markets across the continent. Verdant Capital expects this strategy to continue driving rapid revenue growth, profitability and financial inclusion.

The lead investor arranged by Verdant Capital was Investisseurs & Partenaires (I&P). I&P is an impact investing group with over USD 250 million in assets under management. 

Other investors in the round included the holding company of the Managing Director, Andrew Takyi-Appiah and his wife Zoe Takyi-Appiah, GOODsoil VC, Absa Ghana and FNB Ghana.

Verdant Capital Raises US$7.9 Million for Zeepay