Pan-African FinTech Firm Cellulant Raises $47.5 Million, Scales up Blockchain Division

An African digital funds service supplier, Cellulant has raised USD 47.5 million to remodel monetary know-how providers throughout the continent, reaching 40 million individuals throughout 11 African international locations. 

The deal is the most important involving a FinTech firm that does enterprise solely in Africa, in accordance with a press assertion on Monday by the Rise Fund,  managed by TPG Development, which led the funding spherical. Investments are additionally being made by Endeavor Catalyst and Satya Capital.

Cellulant was based in 2004 by Kenyan entrepreneur Ken Njoroge and his Nigerian associate, Bolaji Akinboro and works with over 90 banks throughout Africa. In accordance with Forbes, it plans to plough the brand new capital into scaling up its operations, channeling a good portion of the funds into Agrikore, its blockchain primarily based smart-contracting, funds and market system.

Agrikore, is a cellular blockchain primarily based platform serving practically 7 million farmers throughout the continent by higher connecting them with markets and serving to them promote their items to a variety of consumers extra simply. Prices are additionally decreased by integrating authorities subsidy packages to extend yields and lift incomes throughout a number of seasons, and by enabling all members within the agricultural provide chain — together with insurance coverage firms, agricultural enter suppliers, and improvement companions — to work inside a trusted surroundings.

In a press release to Nigeria’s Enterprise Day, Akinboro mentioned, “With this new capital and as a part of our scaling up technique, we’re leveraging on the rising cellular penetration pattern in Africa to broaden our attain and prolong our funds ecosystem throughout the continent. We’re scaling up our present funds merchandise within the agriculture sector, digital banking and web funds; in addition to introducing consumer-focused merchandise to enrich the enterprise merchandise we have already got. This may permit us to extend entry to funds for the hundreds of thousands of Africans who’re nonetheless unbanked, regardless of the monetary inclusion revolution.”

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