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 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.
