Kenyan digital payments service provider has sold a Sh. 4.8 billion stake to a US fund known as The Rise Fund. The fund that acquired the stake is a subsidiary of TPG Growth, a US company that specializes in growth equity and middle market buyouts.
The deal has been dubbed as one of the largest to have been undertaken by a Kenyan fintech company. Cellulant facilitates mobile payments and digital commerce service for enterprises, mobile network operators, financial institutions and their customers. It launched its operations in Kenya and Nigeria in 2014 and now has operations in nine other countries including Zambia, Zimambwe, Ghana, Tanzania, Uganda, Botswana, Malawi, Liberia, and Mozambique. It was founded by ken Njoroge and Bolaji Akinboro.
Cellulant says it now plans to use the funds it has garnered to enter new markets in the continent before the end of this year.
He added that Cellulant currently reaches 40 million people across 11 African countries.