ImpactAlpha, May 15 – TPG Growth’s $2 billion The Rise Fund impact fund led Nairobi-based Cellulant’s $47.5 million Series C financing round, marking the fund’s first investment in Africa. Cellulant will use the funding to expand into new areas and hire a larger team. Cellulant is among Africa’s biggest mobile money companies, with operations in 11 countries. It says it processes 12% of digital transactions on the continent.
- Big deal… Cellulant’s Series C raise is the largest investment in an African fintech firm, the companies said in a statement.
- Cutting-edge tech… Among Cellulant’s products slated for expansion is Agrikore, a blockchain-based, mobile-payments product for farmers.
- More money… Endeavor Catalyst, Satya Capital, Velocity Capital and Progression Africa also backed the round.
“Expanding easy-to-use and low cost mobile banking offers immense potential for impact, and Cellulant is at the leading edge of that work,” The Rise Fund’s Bill McGlashan said in a statement.
