The Rise Fund, a global impact investing fund managed by growth equity platform TPG Growth, today announced that it has signed an agreement to acquire a stake in Cellulant, a leading digital payments provider that reaches 40 million people across 11 African countries. The Rise Fund is investing alongside Endeavor Catalyst, Satya Capital, Velocity Capital & Progression Africa.
The deal is the largest of its kind dedicated solely to Africa’s fintech and payments space, competitively positioning Cellulant in a fast-growing sector where it already enjoys an early mover advantage.
“Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact, and Cellulant is at the leading edge of that work,” said Bill McGlashan, CEO and co-founder of The Rise Fund. “We’re excited to invest in African entrepreneurs like Ken and Bolaji to help them grow their businesses and expand their impact on society. Cellulant is a perfect partner for The Rise Fund’s first investment in Africa.”
Cellulant’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 …read more