Zeepay, a rapidly expanding fintech company in Africa’s digital remittance and mobile money sector, has secured $18 million in debt funding to strengthen its operations and support its cross-border payment solutions. The funding round, reported by Africa Global Funds, was arranged by South African financial advisory firm Verdant IMAP.
Structured as senior secured debt, the funding provides Zeepay with essential working capital to bolster its float financing activities, key to sustaining the company’s mobile money and remittance operations across Africa.
To accommodate future investor participation, Verdant IMAP developed an innovative shared-collateral framework. Under this structure, both existing and new lenders pledge into a common asset pool, secured by a neutral trustee and monitored daily by an independent agent to ensure asset integrity.
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The arrangement gives all lenders a first-priority claim—known as a “first-lien”—on the collateral, allowing new financiers to invest under the same terms (“pari-passu”) without needing to renegotiate security rights. This creates a streamlined, transparent process for onboarding new investors and enhances confidence in Zeepay’s financial ecosystem.
“I am grateful for the support of the new investors and the continued backing of our existing partners,” said Andrew Takyi Appiah, Founder and CEO of Zeepay. “The new structure will allow for simple and transparent onboarding of new investors as required, as we implement our growth strategy.”
The successful raise reflects growing investor confidence in Zeepay’s vision to become a leading force in Africa’s financial inclusion and digital payments landscape.
