Ghanaian fintech Zeepay has raised $18 million in senior secured venture debt. This funding will help its expansion across Africa and the Caribbean.
Structured by investment firm Verdant Capital IMAP, the deal marks a major step forward for the fintech, which has positioned itself as a critical bridge between international remittance inflows and local mobile wallets.
Unlike equity funding, this round of financing focuses on working capital and float financing. Float enables liquidity so that users can send and receive money seamlessly, without system downtime or delays. For Zeepay, maintaining that liquidity across multiple countries and currencies is very important.
One of the standout innovations in this funding deal is a newly introduced security-sharing structure. It gives all incoming lenders equal access to a pooled collateral system—something rare in African venture debt deals. This structure is backed by an external trustee and monitored daily by an independent agent, ensuring transparency and making future institutional participation easier as Zeepay scales up.
From Ghana to the Caribbean
Founded in 2014, Zeepay is now a major player in the mobile money space, particularly when it comes to remittance termination—getting money sent from abroad into recipients’ mobile wallets. It connects with global operators like MoneyGram and reaches users in more than 20 countries.
In 2023, the company processed over 10 million transactions totaling more than $3 billion. It has presence in Ghana, Zambia, Côte d’Ivoire, Sierra Leone, Gambia, and Barbados.
This debt round follows a $3 million equity round back in 2023. This round was backed by institutional investors like Africa50, Oikocredit, Injaro, and Investisseurs & Partenaires (I&P). In total, Zeepay has now raised over $30 million to fund its growth.
According to Founder and CEO Andrew Takyi-Appiah, over the next two years, Zeepay plans to enter at least 10 new markets, further extending its reach across both continents.
Kwabena Appenteng, a director at Verdant Capital, said, “Zeepay’s ability to blend hard currency revenues with its growth model is a rare combination in African fintech.”
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