TradeDepot, a Lagos, Nigeria-based B2B eCommerce and embedded finance platform, raised $110m in equity and debt funding.
The round was led by the International Finance Corporation (IFC) – a member of the World Bank Group, with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst and existing investors, Partech and MSA Capital. The debt funding was led by Arcadia Funds.
The company intends to use the funds for further expansion of its merchant platform across the continent.
Led by Onyekachi Izukanne, CEO and co-founder, TradeDepot is a B2B eCommerce and embedded finance company that connects consumer goods brands in Africa directly to a target market of several million retail outlets across the continent. With active operations in 12 cities across Nigeria, Ghana and South Africa, the company leverages its data, technology and logistics operations to connect retailers with suppliers and give access to financing to fund inventory purchases for retailers, enabling increased sales, higher margins and other value-added services for all parties.
Via its ShopTopUp platform, TradeDepot offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory and pay in instalments as they sell on to their own customers.