Facebook Twitter LinkedIn RSS
    Trending
    • Gartner recognizes Sophos as 2025 leader for endpoint protection platforms
    • TIM AKANO FOUNDATION Awards Scholarships to 100 OAU Students and 22 Undergraduates from Oluponna and Surrounding Areas
    • Sustaining Innovation in Africa’s Tech Startup Ecosystem – Bidemi Oke, CEO of FlashChange
    • Data is the new oil: Africa Data Centres Executive on digital transformation
    • Nigeria’s economy sees boost in Q1 2025, driven by surging ICT sector
    • Verve revolutionizes African payments with contactless tech
    • Palmpay is among 300 top fintech companies globally – CNBC
    • NITDA’s Hadiza honoured among Nigeria’s Top 50 PR professionals
    Facebook Twitter LinkedIn
    ITPulse.com.ngITPulse.com.ng
    • News
    • Interviews
    • Blogs
    • Analysis
    • Opinion
    • Videos
    • Press Releases
    • Pictures
    • Advertise
    ITPulse.com.ngITPulse.com.ng
    Home»News»TradeDepot to reach 5 million SME retailers in Africa with $110M expansion fund
    News 2 Mins Read

    TradeDepot to reach 5 million SME retailers in Africa with $110M expansion fund

    mmBy ITPulseDecember 6, 2021
    Facebook Twitter WhatsApp Pinterest LinkedIn Reddit Tumblr Email
    SME in Nigeria
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Tradedepot has disclosed it intends to deliver Buy-Now-Pay-Later services to 5 million SME retailers in Africa and drive further expansion of its merchant platform across the continent.

    This is coming as the eCommerce and embedded finance platform raised $110 million in an equity and debt funding round, which 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.

    “We remain super focused on making digital commerce and financing both accessible and affordable to neighborhood retailers across key cities in Africa. We are delighted to be joined by an elite group of new investors and have IFC’s Wale Ayeni and Brian Odhambo of Novastar joining our Board of Directors, to support us on this journey to drive growth and prosperity across the continent,” said Onyekachi Izukanne, CEO and co-founder of TradeDepot.

    According to Onyekachi, the new funding will expedite the delivery of Tradedepot’s service to more retailers, increasing penetration for consumer goods brands and driving prosperity in one of the continent’s most critical sectors.

    With active operations in 12 cities across Nigeria, Ghana and South Africa, TradeDepot leverages its data, technology and robust logistics operations to connect retailers with suppliers and unlock financing to fund inventory purchases for retailers, enabling increased sales, higher margins and other value-added services for all parties.

    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 has 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.

    TradeDepot has built a network of leading consumer goods brands and SME retailers across Africa, and created a proprietary risk scoring engine that uses retailers’ purchase history, previous repayment performance and other related data points to predict their creditworthiness. This game-changing financing model coupled with industry-leading technology to support logistics operations has led to a 200 percent increase in transaction volumes for retail store owners.

    SME in Nigeria TradeDepot
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    mm
    ITPulse
    • Website
    • Facebook
    • Twitter
    • LinkedIn

    ITPulse is a wholly information technology communication (ICT) news website, with a special focus on the African continent. The website provides up-to-date biz-tech news, analysis and comprehensive and thorough insight into the continent's ICT terrain

    Related Posts

    Nigeria’s economy sees boost in Q1 2025, driven by surging ICT sector

    July 22, 2025

    Verve revolutionizes African payments with contactless tech

    July 22, 2025

    Palmpay is among 300 top fintech companies globally – CNBC

    July 22, 2025

    Leave A Reply Cancel Reply

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Latest Posts

    Gartner recognizes Sophos as 2025 leader for endpoint protection platforms

    July 22, 2025

    TIM AKANO FOUNDATION Awards Scholarships to 100 OAU Students and 22 Undergraduates from Oluponna and Surrounding Areas

    July 22, 2025

    Sustaining Innovation in Africa’s Tech Startup Ecosystem – Bidemi Oke, CEO of FlashChange

    July 22, 2025
    About
    About

    Itpulse.com.ng is a wholly information technology communication (ICT) news website, with special focus on the African continent. The website provides up-to-date biz-tech news, analysis and a comprehensive and thorough insight info the continent's ICT terrain.

    Contact us: editorial@itpulse.com.ng

    Facebook Twitter LinkedIn RSS
    Latest Posts

    Gartner recognizes Sophos as 2025 leader for endpoint protection platforms

    July 22, 2025

    TIM AKANO FOUNDATION Awards Scholarships to 100 OAU Students and 22 Undergraduates from Oluponna and Surrounding Areas

    July 22, 2025

    Sustaining Innovation in Africa’s Tech Startup Ecosystem – Bidemi Oke, CEO of FlashChange

    July 22, 2025
    Popular Posts

    Data is the new oil: Africa Data Centres Executive on digital transformation

    July 22, 2025

    Dr. Omoniyi Ibietan: A PR powerhouse redefining strategic communication in Africa

    July 21, 2025

    GEFAS unveils new office to deepen digital engagement for Anambra people

    July 19, 2025
    © 2017 - 2025 Itpulse. Designed by Max Excellence.
    • Terms & Conditions
    • Privacy Policy
    • Advertise
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.