Kenyan fee companies supplier Cellulant is reportedly beginning a South African enterprise after months of testing the market and is trying to wrap up fundraising for additional growth to the Center East and UK, per a report by Bloomberg.
The twenty-year-old firm is trying to faucet South Africa’s mature retail ecosystem, with the United Arab Emirates and the UK set to comply with within the subsequent two years, Chief Enterprise Officer Sike Bamisebi stated in an interview.
Cellulant is about to shut its newest fundraising spherical, she stated. Whereas the corporate hasn’t disclosed the doubtless quantity, it has beforehand indicated it may increase as a lot as $100 million.
The corporate allows companies to gather funds on-line and offline from cellular cash, playing cards or banks with its shoppers together with airways, banks, fintech and fast-food chains together with Burger King. Its backers embrace TPG Development’s The Rise Fund, which led a $47.5 million spherical in 2018. The corporate operates in 18 international locations and serves 35 others.
Considered one of its latest partnerships is a financial services partnership with Solv Kenya, an MSMEs-focused B2B digital platform that may allow the corporate’s MSME companions to entry digital fee and collections companies supplied by Cellulant.
As payment-technology firms proceed on the forefront of an unprecedented increase in funding in African startups, hitting a report $5 billion in 2021. The enterprise is trying to faucet into the rising demand for e-commerce on the continent, fueled by higher connectivity and an absence of conventional banks.