African FinTech Company Cellulant Raises $47.5 Million

Nairobi, KENYA: A write sales user speaks with a patron 21, Oct 2006 in Nairobi. Amid an African blast in mobile technology, personal ringtones are among a flourishing operation of services that together mobile write use providers are charity a Kenyan market. From rural product prices to batch sell intel and dating services, businessman of internal firm, Cellulant, Ken Njoroge is one of a flourishing series of innovative immature entrepreneurs delivering entertainment, information and even intrigue to dungeon phone users, whose numbers have skyrocketed from 15,000 in 1999 to 5.6 million during a finish of final year. TONY KARUMBA/AFP/Getty Images

Cellulant, a heading Pan-African digital payments use provider that prompts, collects, settles and reconciles payments in genuine time, has lifted $47.5 million from a consortium of investors that embody a Rise Fund, a impact account run by private equity organisation TPG Growth, Endeavour Catalyst and Satya Capital, a private equity organisation owned by Sudanese-British billionaire Mo Ibrahim.

The understanding is a largest involving a FinTech association that does business usually in Africa, according to a press matter by a Rise Fund.

“Much of a [FinTech investment] activity in new times in Africa has been privately in a consumer lending space,” pronounced Yemi Lalude, TPG’s handling partner for Africa, in a press statement. “This is opposite from that. What Cellulant has is a remuneration height that enables people who have not had entrance to financial payments to get entrance in a approach that is transparent.”

Cellulant skeleton to plough a new collateral into scaling adult a company’s operations and expanding into dual African countries this year. The association will also channel a poignant apportionment of a supports into Agrikore, a blockchain formed smart-contracting, payments and marketplace element that ensures that everybody in cultivation (Farmers, FMCGs, Agriculture inputs providers, furnish aggregators, word companies, financial institutions, governments, growth partners) can do business with any other in a devoted environment.

“We are scaling adult a existent payments products in a cultivation sector, digital banking and internet payments; as good as introducing consumer-focused products to element a craving products we already have,” Akinboro pronounced in a matter to Nigeria’s Business Day. “This will concede us to boost entrance to payments for a millions of Africans who are still unbanked, notwithstanding a financial inclusion revolution.”

Cellulant was founded in 2004 by Kenyan businessman Ken Njoroge and his Nigerian partner, Goke Akinboro. The company’s works with some-more than 90 banks in 11 countries and has some-more than 100 million customers.

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