The Rise Fund, a global impact investing fund managed by growth equity platform TPG Growth, has paid USD 47.5 million to acquire an unspecified stake in Kenyan digital payments firm Cellulant, which operates in eleven African markets. The investment will also help scale existing Cellulant products, like Agrikore. Agrikore is a mobile blockchain-based platform that has served more than 7 million farmers across the continent, better connecting them to the market and helping them sell their goods to a diverse range of buyers more easily. The service also expands access to government subsidy programmes to help reduce costs for farmers, increase their yields, and raise incomes.
The Rise Fund is investing alongside Endeavor Catalyst and Satya Capital. The deal is the largest of its kind dedicated solely to Africa’s fintech and payments space, Cellulant said. The company's digital payments platform delivers connected, flexible payment options for consumers and businesses, and works with financial institutions, governments and mobile network operators to increase transparency and expand their reach in Africa.
Cellulant offers the opportunity to create transformational growth for African economies by expanding financial inclusion on a continent where nearly two-thirds of the population do not have a bank account. This includes easy-to-access digital payment solutions, interoperable financial services, and mobile banking solutions that can help the unbanked open accounts, cut fees, and save for the future, as well as helping farmers and small and medium sized business owners expand their reach through improved financial services.
