Cellulant raises $47.5 million from TPG Growth’s Rise Fund — Quartz


The streak of big-ticket investment in African fintech companies shows no signs of stopping.

Cellulant, the digital payments solutions company operating in 11 African countries has raised $47.5 million in its Series C round—one of the largest for a solely Africa-focused venture-funded company. The round was led by The Rise Fund, an impact investment fund run by TPG Growth, the US-based private equity group, with participation from Endeavor Catalyst, Satya Capital, Velocity Capital & Progression Africa.

First founded in Nigeria and Kenya in 2004, Cellulant has since expanded to nine other African countries and processes 12% of Africa’s digital payments through its mobile solutions. Its reach is down to partnerships with over 90 banks and several mobile payments platforms across the…

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