In sub-Saharan Africa, approximately 90% of household retail transactions are in cash, and delivered through a network of about 100 million MSMEs, according to the press release. Retail payments on the continent are expected to top USD 2.1 trillion by 2025 and MarketForce aims to digitise a large portion of these offline transactions, the company says.
MarketForce is a B2B commerce and fintech marketplace that facilitates informal merchants in Africa to order, pay and receive inventory digitally, access financing, collect digital payments, and make extra money by reselling digital financial services such as airtime, electricity tokens, and bill payments.
With this round of funding, the company plans to scale merchant inventory financing through a BNPL offering, grow deeper in existing markets and avail more digital financial and banking services through its extensive merchant network. The institution has a team of 400 and intends to double the team before the end of 2022.
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