Verdant Capital Hybrid Fund invests USD 3 million in Zeepay, a leading mobile money operator in Africa, to support its growth ambitions and strengthen its financial position.

Information on the Target

Zeepay is a pivotal player in the African mobile financial services sector, recognized as the largest non-telco Mobile Money Operator on the continent in terms of balance sheet and revenue. Established ten years ago, the company holds Mobile Money Licenses across six countries: Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. Zeepay is renowned for facilitating remittances into Mobile Money Wallets across all networks, including its proprietary wallets operating in the aforementioned territories. Additionally, the company is committed to financial inclusion, partnering with UNCDF to enhance access to financial services.

With a workforce exceeding 200 employees, Zeepay maintains offices across Africa, Europe, and the Caribbean, showcasing its extensive regional presence and operational capabilities. Managing Director Andrew Takyi-Appiah expressed enthusiasm for the new investment from Verdant Capital Hybrid Fund, marking it as the fifth institutional investor in less than three years, highlighting the ongoing confidence in the company's growth trajectory.

Industry Overview in the Target's Specific Country

The mobile money industry in Africa has seen remarkable growth over the past decade, significantly transforming the financial landscape. This transformation is particularly evident in countries like Ghana and Zambia, where mobile banking and financia