Ghana’s Zeepay raises $18 million financing to boost growth across Africa (Techmoonshot)

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, according to techmoonshot.

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.

“This structure simplifies investor participation as we execute our growth plans,” said Andrew Takyi Appiah, Founder and Chief Executive Officer of Zeepay.

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“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.”

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.

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