Zeepay, a player in Africa’s digital remittance and mobile money space, has secured $18 million debt funding.
Why it matters
The funding provides Zeepay with critical working capital to strengthen its mobile money float financing and cross-border payment solutions as it scales across Africa.
Details
- The deal was arranged by South Africa-based Verdant IMAP.
- A shared-collateral structure was created to streamline future fundraising, allowing new and existing lenders to share equal, first-priority claims on the same assets.
- A neutral security trustee holds the collateral, and an independent agent monitors asset value daily.
What they’re saying
“The new structure will allow for simple and transparent onboarding of new investors as we implement our growth strategy,” — Andrew Takyi-Appiah, Founder and CEO of Zeepay.
Between the lines
The shared-collateral framework means Zeepay can attract new lenders faster without complex renegotiations, ensuring quicker access to growth capital.
Source: TechFocus24
