Zeepay, a fast-growing Ghanaian fintech focused on remittance payments and mobile money services, has secured $18 million in senior secured venture debt to support its continued growth across Africa and the Caribbean.
The newest funding round — confirmed to Launch Base Africa by Verdant IMAP, the investment firm that structured and arranged the transaction — marks a significant milestone for one of West Africa’s most prominent non-telco mobile money operators.
According to Verdant IMAP, the funds will be used primarily for working capital, including float financing — a key requirement for businesses that facilitate mobile money transfers.
The firm also introduced a newly structured security-sharing arrangement as part of the transaction. This framework, implemented under a security sharing agreement and a common terms agreement, will enable future participation by other senior secured lenders on the same terms. Existing international lenders have already acceded to this structure.
This arrangement is designed to give incoming lenders pari-passu access to a shared collateral pool, protected by an external security trustee and monitored daily by a third-party agent — mechanisms intended to enhance transparency and enforceability in the event of default.
“The new structure will allow for simple and transparent onboarding of new investors as required, as we implement our growth strategy,” said Andrew Takyi-Appiah, Zeepay’s founder and CEO.
Zeepay has built one of the continent’s most extensive remittance termination platforms, connecting international money transfer operators (IMTOs) with mobile wallets across 20+ countries. The company processed over 10 million transactions worth more than $3 billion in 2023 alone.
Its services target African and Caribbean markets with high levels of financial exclusion, offering low-cost remittance solutions for diaspora populations. Operating in countries including Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados, Zeepay’s model integrates cross-border money transfers with mobile money ecosystems.
Founded in 2014, Zeepay has positioned itself as a non-telco alternative to dominant telecom-led mobile money services, and has scaled its operations with a relatively lean workforce of just over 200 employees.
The debt raise comes on the heels of a substantial equity round completed last year. Investors in that round included Africa50, Oikocredit, Injaro, I&P, and the Verdant Capital Hybrid Fund — a pan-African mix of development finance institutions and impact investors.
At the time, the equity was aimed at expanding Zeepay’s operational footprint across Africa and the Caribbean. These strategic efforts appear to be paying off: in less than a decade, the company has raised more than $30 million in total funding, with this latest venture debt round bolstering its financial standing ahead of what it describes as a high-growth year.
“Zeepay offers investors an attractive combination of hard currency earnings through its remittance-to-wallet business and growth opportunities across the continent,” said Kwabena Appenteng, Director at Verdant Capital. “The business reached profitability earlier than most fintechs and has maintained strong financial performance while expanding and diversifying.”
Zeepay’s expansion strategy includes deepening its partnerships with major IMTOs, including MoneyGram, and scaling its mobile money infrastructure to new markets. According to Takyi-Appiah, the company aims to establish operations in at least 10 additional countries within the next two years, leveraging its remittance capabilities as a springboard.
While many African fintechs continue to rely heavily on equity financing, Zeepay’s ability to attract senior secured debt — particularly under a structure that accommodates further institutional participation — may signal a maturation in the funding landscape for established digital financial service providers.