African Digital Payments Service Cellulant Raises $47.5 Million to Scale Blockchain Efforts
Africa is showing to the world all what it able to provide. Cryptocurrencies and blockchain technology are expanding in the continent very fast and different tools are being adopted by governments and private companies to enhance their operations.
This is the case of Cellulant, and African digital payments service provider, that was able to raise over $47.5 million dollars. The main intention is to transform the financial technology industry in the continent, reaching more than 40 million people across 11 African countries.
According to Forbes, this is the largest deals involving a FinTech company that does business just in Africa. Cellulant is a payment platform that allows individuals to have access to financial services.
Yemi Laude, TPG’s managing partner for Africa, explained in a statement:
“Much of the [FinTech investment] activity in recent times in Africa has been specifically in the consumer lending space. This is different from that. What Cellulant has is a payment platform that enables people who have not access to financial payments to get access in a way that is transparent.”
At the moment, the company wants to scale up its operations and expand into two new African countries before 2019. Additionally, the company will be investing a significant amount of money in Agrikore, a blockchain based smart-contracting, payments and marketplace system.
Agrikore ensures that those involved in agriculture, including farmers, FMCGs, agriculture inputs providers, produce aggregators and other institutions to do business with each other in a trusted environment.
“We are scaling up our existing payments products in the agriculture sector, digital banking and internet payments; as well as introducing consumer-focused products to complement the enterprise products we already have,” commented Bolaji Akinboro.
Cellulant has been found back in 2004 by Ken Njoroge and Bolaji Akinboro, from Kenya and Nigeria respectively. At the moment the company is working with more than 90 banks in 11 different countries with more than 100 million customers.
The African continent is experiencing an important expansion of crypto-related companies and investments. Countries like South Africa are also very active in the market and the interest for virtual currencies is one of the highest in the world.