Verdant Capital Raises $10 Million Debt Fund For Zeepay The debt funding is intended to support the rapid growth of the business

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Verdant Capital has raised $10 million of debt funding for Zeepay. The medium-term debt raises, which forms as a part of its A.5 Series, comes to support Zeepay in a bid to augment its fast-growing remittance to wallet business. The debt funding is intended to support the rapid growth of the business.

"We are delighted to see the close of this component of the round, and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African ecosystem," said Kwabena Appenteng of Verdant Capital.

Verdant Capital is an investment manager and investment bank specializing in the private capital markets and operating on a pan-African basis. Verdant Capital is the IMAP partner firm for its region.

"The fund raise had become mission critical as we expand our service offering and African expansion," said Godfried Boakye, CFO, Zeepay.

Zeepay's business is enjoying multiple growth drivers including growth in the number of mobile wallets in recipient populations, as well as growth in the termination to the wallet as a percentage of global remittances. Zeepay is expanding its value-added services including credit offering, broadening and deepening its footprint in Africa. The company also plans to expand into the Caribbean and Latin American markets, as per a statement.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Elon Musk's xAI Claims Its New Grok 3 AI Is Better Than ChatGPT and DeepSeek: 'Seeing the Beginnings of Creativity'

xAI debuted the new AI on Monday, claiming it has 10 times the computational power of Grok 2.

Business Solutions

Get a Lifetime of Powerful PDF Tools That Won't Give You a PDF Headache

Banish frustrating PDF issues forever and just breeze through all of the old problems with editing, formatting, converting, annotating and more.

News and Trends

5 Things to Know About Zomato's Nugget AI

With the Indian conversational AI market projected to grow from USD 274.5 million in 2022 to USD 1.03 billion by 2029 at a CAGR of 24.58%, Zomato's entry into this space aligns with broader industry trends

Finance

Should India Consider a New Regulator/Committee to Regulate Cryptocurrencies?

RBI has told the SC that it cannot consider VCs as money under existing laws

Business Ideas

87 Service Business Ideas to Start Today

Get started in this growing industry, with options that range from IT consulting to childcare.