Ghanaian financial technology company Zeepay has announced the successful close of an US$18 million senior secured debt facility, a move aimed at bolstering its working capital and driving the company’s ongoing expansion across the African continent. The debt round was arranged by Verdant Capital IMAP, a South Africa-based investment banking and advisory firm with a strong track record in structured finance and impact-driven transactions in emerging markets.
Founded in 2014, Zeepay has emerged as a leading African fintech player in the cross-border payments and digital financial services space. The company’s mission is to democratize financial access by connecting various digital assets—including mobile money wallets, cards, ATMs, bank accounts, and digital tokens—to the broader international payment ecosystem. Zeepay’s infrastructure enables seamless integration with international money transfer operators (IMTOs), powering instant remittance settlements, airtime top-ups, payment subscriptions, and humanitarian or refugee financial assistance.
With operational presence in over 20 countries across Africa, the Caribbean, and beyond, Zeepay has carved a niche in remittance digitization, particularly by offering instant wallet-based settlements, a major convenience for recipients in regions where mobile money is the dominant form of financial access. By partnering with global IMTOs, Zeepay reduces remittance friction, increases efficiency, and ultimately supports financial inclusion on a large scale.
This new US$18 million debt facility is a significant follow-up to the startup’s Series A equity round, which closed at US$7.9 million in June 2021. That round helped lay the foundation for geographic expansion and product refinement. The current facility, however, is structured specifically to support liquidity management, particularly the “float” requirements necessary to support real-time transaction settlements in high-volume mobile money environments.
One of the standout elements of the debt arrangement is its shared-collateral structure. Under this innovative mechanism, new and existing lenders pledge a common pool of assets, all held by a neutral security trustee. The structure includes oversight from an independent monitoring agent, which assesses the underlying collateral on a daily basis, ensuring real-time transparency and ongoing compliance with asset coverage requirements. This arrangement is designed to lower the barrier to lender participation, diversify funding risk, and increase confidence in Zeepay’s capital framework as it scales.
“This structure simplifies investor participation as we execute our growth plans,” said Andrew Takyi Appiah, Founder and CEO of Zeepay. “With this funding, we’re better equipped to meet growing demand for instant digital remittance services across Africa and other underserved regions. We’re building a system that not only ensures liquidity but enables long-term resilience and inclusivity in cross-border financial services.”
Zeepay’s latest milestone underscores a broader trend of fintech innovation driving capital inflows into Africa’s digital finance space. As remittances continue to play a critical role in household income and economic stability across the continent, fintechs like Zeepay are well-positioned to become major enablers of seamless, secure, and affordable financial transactions.
