Ghanaian fintech company Zeepay has raised $18 million in a senior secured debt facility to strengthen its working capital and enhance remittance liquidity as it expands operations across Africa and the Caribbean.
The funding round was arranged by Verdant Capital IMAP, a South Africa-based investment banking advisory firm, marking another significant milestone in Zeepay’s efforts to scale its digital financial services platform across emerging markets.
Founded in 2014, Zeepay is a leading player in the digital remittance space, focusing on connecting mobile money wallets, bank accounts, ATMs, and cards to international money transfer operators (IMTOs). The company operates in over 20 countries, offering instant settlement of inbound remittances directly into mobile wallets.
The newly secured facility will serve as float financing support, allowing Zeepay to meet the liquidity requirements that come with managing real-time mobile money and international remittance flows. This is especially crucial in regions where mobile wallets are the primary means of accessing financial services.
A standout feature of this deal is its shared-collateral structure, where assets pledged by multiple lenders are pooled under the management of a neutral security trustee. To enhance transparency and mitigate risk, an independent monitoring agent evaluates the collateral’s value on a daily basis—ensuring real-time accuracy and trust for all parties involved.
“This structure simplifies investor participation as we execute our growth plans,” said Andrew Takyi-Appiah, Founder and CEO of Zeepay. “It also allows us to confidently scale operations while ensuring secure, real-time settlements for our growing user base.”
The raise comes at a time when remittance flows into Africa are surging, and mobile money adoption continues to accelerate. Zeepay’s infrastructure has proven critical in reducing transaction costs and increasing financial inclusion across underserved communities.
With this facility in place, Zeepay is well-positioned to further entrench itself as a leading digital payment and remittance enabler in Africa’s rapidly evolving fintech ecosystem.