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Tradedepot Raises $110M From Ifc, Novastar To Extend Bnpl Service To Merchants Across Africa
12/06/21, 9:02 AM
Money raised
$110 million
Startups digitizing B2B e-commerce and retail in Africa continue to grab the headlines after the pandemic paved the way for widespread offline retail and commerce disruption.
Company Info
Additional Info
The company owns its warehouses and fleets of drivers to carry out distribution. Last year, the company had over 40,000 merchants on its platform; now, it is servicing more than 100,000 merchants, according to CEO Onyekachi Izukanne. The company now provides a full range of products to those onboarded, rolling out digital wallets and financial services, particularly credit or BNPL offerings. In 2020 when the five-year-old company announced plans to offer credit, it built scoring models by using equity to finance credit to the retailers off its balance sheets. The company claims its BNPL model has led to a 200% increase in transaction volumes for retail store owners. TradeDepot operates a B2B marketplace that connects small shops, kiosks, retailers with wholesalers of global consumer brands who have access to food, beverages and personal care products. However, just as any B2B e-commerce platform offering BNPL services, TradeDepot does not provide these merchants with cash advances. TradeDepot is active across 12 cities in Nigeria, Ghana and South Africa (Accra, Johannesburg and ten cities in Nigeria).
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