Cellulant, a Nairobi & Lagos–based digital payments provider, raised $47.5M in Series C funding.
The round was led by TPG Growth’s The Rise Fund, with participation from Endeavor Catalyst, Satya Capital, Velocity Capital & Progression Africa.
Led by Ken Njoroge, co-founder and Group CEO, and Bolaji Akinboro, co-founder and CEO, Cellulant Nigeria, Cellulant provides a digital payments platform that delivers connected, flexible payment options for consumers and businesses, and works with financial institutions, governments and mobile network operators to increase transparency and expand their reach in Africa.
Building on a business model that first debuted in Kenya and Nigeria in 2004, the company has since expanded its services across 11 African markets, including Zambia, Ghana, Zimbabwe, Tanzania, Uganda, Botswana, Mozambique, Malawi, and Liberia.
The company intends to use the funds to grow the business, scale products, like Agrikore, a a mobile blockchain-based platform that allows farmers across the continent to connect them to the market sell their goods to a diverse range of buyers, and expand access to government subsidy programs.