Ghanaian fintech startup Zeepay has secured US$18 million in senior secured debt funding to strengthen its working capital and accelerate its expansion across Africa.
Formed in 2014, Zeepay is focused on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, bank accounts and digital tokens to international money transfer operators, payments, subscriptions, international airtime and refugee payments.
The startup has a footprint in more than 20 countries globally, and specialises in facilitating the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organisations (IMTOs).
Zeepay last secured equity funding a year ago, having raised a US$7.9 million Series A funding round in June 2021, and it has now secured a US$18 million debt facility arranged by South Africa-based advisory firm Verdant IMAP.
The new funding will provide crucial float financing support, ensuring Zeepay can manage liquidity demands associated with real-time mobile money transactions and international remittances.
A key highlight of the deal is its shared-collateral structure, an arrangement that will see new and existing lenders pledge a common pool of assets, held by a neutral security trustee. An independent monitoring agent assesses the collateral’s value daily, ensuring transparency and maintaining asset integrity.
“This structure simplifies investor participation as we execute our growth plans,” said Andrew Takyi Appiah, Zeepay founder and CEO.
