African digital payments provider, Cellulant raises $47.5 million in funding round

by | May 17, 2018

The Rise Fund, a private equity firm owned by TPG Growth, led a $47.5 million investment a few days ago in Cellulant, an African digital payments provider with operations in Kenya and Nigeria.

Expanding easy-to-use and low cost mobile banking offers immense potential for impact across Africa. This is a prospect that has influenced The Rise Fund’s investment in Cellulant and, by extension, its first in Africa.

The last time a deal of this magnitude was made, Flutterwave stole the headlines with its $10 million Series A funding round. Cellulant’s however not only surpasses that but has now become the largest involving a fintech company operating in Africa.

Cellulant was established in 2004 by Ken Njoroge (Kenyan) and Bolaji Akinboro with an initial focus to provide music and news content on mobile to consumers in Kenya and Nigeria.

Advertisement

The company began to diversify into mobile money services in 2005. In 2014 it was awarded a mobile payment license by the Central Bank of Nigeria, which helped to facilitate its partnership with the Nigerian government to supply fertiliser to farmers using a mobile wallet scheme.

It further comes as no surprise that a huge part of the new investment is going into expanding Cellulant’s most popular mobile platform, Agrikore, a blockchain-based mobile platform that serves more than 7 million farmers across the African continent, connecting them to the market and helping them easily sell their products to a broader spectrum of buyers.

Cellulant operates in 11 countries including Ghana, Tanzania, Zambia, Zimbabwe, Uganda, Liberia, Malawi, Botswana, and Mozambique, with 94 banks and seven mobile money platforms that have a combined potential customer base of 130 million.

“We are excited to invest in African entrepreneurs like Ken and Bolaji, to help them grow their businesses and expand their impact on society,” Bill McGlushan, CEO and co-founder of The Rise Fund said concerning the investment.

Ifeanyi Ndiomewese
Ifeanyi Ndiomewese

Ifeanyi is a desk reporter-turned administrator. Outside of work, I love to read and travel.

Advertisement

On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap