Cellulant Raises $47.5 Million Series C From The Rise Fund to Expand its Digital Payments Across Africa

Cellulant, a digital payments provider that reaches 40 million people across 11 African countries has sold a $47.5m stake to the Rise Fund, an impact investing fund managed by growth equity platform TPG Growth, to broaden its reach and extend its payments ecosystem across the continent.

According to Bill McGlashan, CEO and co-founder of The Rise Fund, “Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact, and Cellulant is at the leading edge of that work. We’re excited to invest in African entrepreneurs like Ken and Bolaji to help them grow their businesses and expand their impact on society. Cellulant is a perfect partner for The Rise Fund’s first investment in Africa.”

About The RISE FUNDS.

The Rise Fund is investing alongside Endeavor Catalyst and Satya Capital. First launched in Kenya and Nigeria in 2004, Cellulant has since expanded its services across 11 African markets, including: Zambia, Ghana, Zimbabwe, Tanzania, Uganda, Botswana, Mozambique, Malawi, and Liberia.

Cellulant’s digital payments platform delivers connected, flexible payment options for consumers and businesses, and works with financial institutions, governments and mobile network operators to increase transparency and expand their reach in Africa.

“Cellulant occupies a unique position in the fintech ecosystem in Africa, with the potential to offer increased access, savings, and income to tens of millions of users across the continent,” said Yemi Lalude, Managing Partner for TPG in Africa. “As more and more smartphones come online across Africa, Cellulant makes it easy for customers to increase their incomes.”

Congratulation Cellulant, better days ahead!!!