Zeepay, the leading cross-border payments company operating as a challenger mobile money company today announces a raise of US$10 million.
The medium-term debt raise, which forms part of its A.5 series, comes to
support Zeepay in a bid to augment its fast growing remittance to wallet
business. The raise was led by Symbiotics BV with US$9 million and supported by
a Mauritius-based fund with US$1 million totalling US$10 million.
According to the Founder and Managing Director, Andrew Takyi-Appiah I, the
raise was necessary and comes at the time when we are planning to increase our
annual turnover from US$1.5 billion circa 2021 to US$200 billion over the next
five years.
Godfried Boakye, CFO, mentioned that the raise had become mission critical as
we expand our service offering and African expansion and well within a
manageable Loan to value ratio of 9percent. This will help augment support from
local African banks the likes of Ecobank, Fidelity Bank and Absa.
Kwabena Appenteng, Transaction Advisor at Verdant Capital, said: “we are
delighted to see the close of this component of the round, and urge local
financial institutions and pension funds to find their niche, to enable them to
participate alongside international lenders in the future as we work to deepen
the African fintech ecosystem.”
JLD & MB Legal Consultancy acted as legal counsel to Zeepay in connection
with the funding. Zoe P. Takyi — Appiah, a senior partner of the firm
mentioned, “this is another notable milestone for Zeepay. Indeed, the company
continues to break boundaries and expand its borders. We are delighted that
this transaction has been realized and to have been a part of it.”
About ZEEPAY
Zeepay is the fastest-growing FINTECH into Mobile Financial Services across
Africa with Operations in Ghana and United Kingdom and terminating to 20
countries across Africa and with termination agreements in over 90
jurisdictions globally. We specialize in Remittance termination into mobile
wallets and are completely network and partner agnostic.
Zeepay is a wholly-owned Ghanaian company, regulated in the UK by Financial
Conduct Authority-FCA # 592538 and in Ghana by The Bank of Ghana- #00001 under
the Payment Systems and Services Act, 2019 (Act 987).
Zeepay supports Sustainable Development Goals (SDG) 3 and is considered a
Financial Inclusion Company positioned to improve last mile access. Visit myzeepay.com
for more information.