Verdant IMAP has successfully closed a $18m senior secured debt funding for Zeepay Ghana.

The transaction underscores investor confidence in the company’s growth strategy and financial fundamentals. 

The funding will be used for working capital, including float financing.   

Verdant IMAP has structured and implemented a new security sharing arrangement to facilitate future participation by additional senior secured lenders.  

The security sharing is pursuant to a security sharing agreement and common terms agreement, with the new lenders in this $18m raise and existing international lenders acceding on the same basis.  

The structure benefits from an external security trustee and daily measurement of collateral by an external monitoring agent. 

New financiers going forward will be granted access to the existing shared collateral pool on a pari-passu basis, benefitting from the same first-lien pledge and robust enforcement framework. 

This flexible structure positions Zeepay to scale its operations with continued access to institutional debt, supported by a secure and transparent collateral package.

Andrew Takyi Appiah, Founder and CEO of Zeepay, said: “I am grateful for the support of the new investors and ongoing support our existing partners. The new structure, will allow for simple and transparent onboarding of new investors as required, as we implement our growth strategy.”

Verdant IMAP acted as financial advisor to the Zeepay and arranger for the financing package.