Zeepay, a Ghanaian remittance company, has announced the closure of a $3 million equity investment from Verdant Capital Hybrid Fund, marking Verdant’s fourth investment in just over two years.
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With over 200 employees and offices worldwide, the company which has raised more than $23 million since its inception, plans to utilize the new capital injection to bolster its financial position in preparation for anticipated high growth in 2024. Zeepay operates as a non-telco mobile money operator across Africa, holding licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. It specializes in remittance termination into mobile wallets, offering services across all networks and partnerships.
Verdant Capital’s Director, Kwabena Appenteng, highlighted Zeepay’s impressive track record of hard currency earnings through its remittance-to-wallet business model and identified growth opportunities across Africa as key factors driving the investment decision, attributing much of Zeepay’s success to its management team’s strength.
Zeepay, ranked second in revenue among mobile finance services in 2022, has achieved early profitability and sustained strong financial performance while expanding its operations. Managing Director Andrew Takyi-Appiah welcomed Verdant Capital Hybrid Fund as a new shareholder, highlighting the investment’s importance in advancing the company’s mobile money business.
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