Cellulant Corporation, a financial technology firm based in Kenya, is now valued at $105 million, following the recent sale of 44.4 percent stake in the company to TPG’s Rise Fund, an American investment company.
The deal was hinted back in May 2018, when the fin-tech company said it had secured a $47.5 million series C funding from TPG Rise Fund. The capital which was raised to enable the company scale up digital payments across Africa, is the largest ever raised by a Kenyan technology firm.
A report from the Competition Authority of Kenya said the investment from the US company also involves co-investment firm, Endeavor Catalyst and Africa-focus equity firm, Satya Capital.
Cellulant Corporation is a Payment Platform Infrastructure Service Provider (PPISP) co-founded by Kennedy Njoroge and Bolaji Akinboro. The platform, which was established in 2004, was designed to power the internet of payments, ensuring easy, reliable, and secure access to mobile and payment services from mobile phones.
The fintech has branches in 11 sub-saharan countries- Kenya, Nigeria, Ghana, Uganda, Zambia, Mozambique, Tanzania, South Africa, Zimbabwe, Botswana and Malawi. Cellulant partners with twenty eight mobile operators, thirty one banks and more than two hundred blue chip companies.
TPG Rise Fund is an investment firm based in the United States, that focuses on global and social development through funding. The company provides financial opportunities to companies, including small and medium enterprises, with objectives to have a social impact on growth and community development.
The venture capital firm, which was formed in 2017 by TPG Growth and was co-founded by by William E. McGlashan, Paul David Hewson, Jeffrey Stuart Skoll and Akinyemi Lalude, invests in agriculture, information, telecommunications, education, healthcare, technology, energy, food, financial services, growth infrastructure, and media.