TradeDepot, a B2B e-commerce and embedded finance platform in Africa, has scored $110m in a funding found comprised of debt and equity.
The Series B equity injection was led by International Finance Corporation, a member of the World Bank Group. Contributions also came from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst and existing investors, Partech and MSA Capital.
Arcadia Funds supplied the debt to the round. The split between equity and debt was not revealed.
Capital from the round will accelerate the launch of its platform into more retailers. Its services are currently used in 12 cities across Nigeria, Ghana and South Africa.
The company helps connect consumer goods brands in Arica with SME retailers across the continent. For suppliers, the company acts as a full-time distributor for products, with it able to buy and sell inventory and handling everything from shipping and pricing to customer service and returns.
TradeDepot assesses a company’s creditworthiness by analysing their repayment performance and other related data points.
In addition to the funding announcement, the company announced it has supplied its B2B buy now, pay later services to five million SME retailers.
TradeDepot CEO and co-founder Onyekachi Izukanne said, “We remain super focused on making digital commerce and financing both accessible and affordable to neighbourhood retailers across key cities in Africa. We are delighted to be joined by an elite group of new investors and have IFC’s Wale Ayeni and Brian Odhambo of Novastar joining our Board of Directors, to support us on this journey to drive growth and prosperity across the continent.”
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