Cellulant expands in South Africa

The company is looking to tap South Africa’s mature retail ecosystem, with the United Arab Emirates and UK set to follow in the until 2024 years. Cellulant is also about to close its latest fundraising round. While the company hasn’t disclosed the likely amount, it has previously indicated it could raise as much as USD 100 million.

Kenya-based fintech Cellulant has started a business in South Africa after testing the market and looks to wrap up fundraising for further expansion plans.

Fintech movement is on the rise in Africa

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.

Cellulant’s backers include TPG Growth’s The Rise Fund, which led a SUD 47.5 million round in 2018. The company operates in 18 countries and serves 35 others.

Cellulant Considers going public in 2024

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.