Payment-technology companies have been at the forefront of an unprecedented surge in investment in African startups, which hit USD 5 billion in 2021. Businesses such as Flutterwave in Nigeria are tapping into rising demand for ecommerce on the continent, fuelled by better connectivity and a lack of traditional banks.
The company enables businesses to collect payments online and offline from mobile money, cards, or banks. Its clients include airlines, banks, fintechs, and fast-food chains including Burger King.
In its latest partnerships, Cellulant partnered with Copia Global, a Kenyan ecommerce platform, to facilitate payment for diaspora and urban customers.
Cellulant’s fundraising comes amid a cool down in startup investment globally in part due to rising US interest rates. Funds raised by African startups this year are likely to match the previous year’s record USD 5 billion according to data from Briter Bridges.
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