According to a Bloomberg article, Kenyan payment services firm Cellulant is apparently launching a South African operation after months of market testing and is aiming to complete funding for future development to the Middle East and the UK.
According to Chief Business Officer Sike Bamisebi, the twenty-year-old business is aiming to take advantage of South Africa’s developed retail environment, with the United Arab Emirates and the UK expected to follow in the following two years.
The most recent round of fundraising for Cellulant is set to end, she added. The business has previously said it may raise up to $100 million, though it hasn’t announced the anticipated sum.
With its clientele including airlines, banks, fintech companies, and fast-food franchises like Burger King, the firm provides businesses with the ability to accept payments online and offline using mobile money, cards, or banks. Its backers include The Rise Fund at TPG Growth, which in 2018 led a $47.5 million investment. The business services 35 more nations while operating in 18 of them.
One of its most recent collaborations is a financial services agreement with Solv Kenya, a B2B digital platform geared toward MSMEs, which will provide the company’s MSME partners access to Cellulant’s digital payment and collections services.
As investments in African startups experience an unparalleled surge, reaching a record $5 billion in 2021, payment technology businesses remain at the forefront of this trend. The company hopes to capitalize on the continent’s growing e-commerce demand, which is being driven by improved connectivity and a dearth of conventional banks.