TradeDepot, Africa’s leading B2B eCommerce and embedded finance platform, has just raised $110 million in an equity and debt funding round to support the delivery of Buy-Now-Pay-Later services to 5 million SMEs retailers and drive further expansion of its merchant platform across the continent.
The Series B equity round was led by the International Finance Corporation (IFC) – a member of the World Bank Group, with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst, and existing investors, Partech and MSA Capital. The debt funding was led by Arcadia Funds.
Africa’s SME retailers generate $1 trillion in sales annually and contribute $2.6 trillion to the continent’s nominal GDP, but a fragmented distribution network and lack of access to financing have led to inefficiencies in distribution and many missed opportunities across the value chain. Via its ShopTopUp platform, TradeDepot offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory and pay in installments as they sell on to their own customers.