TradeDepot, a Lagos, Nigeria-based B2B e-commerce and embedded finance platform, raised $110 million in an equity and debt Series B funding round.
The Series B equity round was led by the International Finance Corporation (IFC), with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst, and existing investors, Partech and MSA Capital. The debt funding was led by Arcadia Funds.
The funding will expedite the delivery of its buy-now-pay-later service to more retailers, increasing penetration for consumer goods brands and driving prosperity in one of the continent’s most critical sectors.
Company: TradeDepot Inc.
Round: Series B
Funding Month: December 2021
Lead Investors: International Finance Corporation (IFC) and Arcadia Funds
Additional Investors: Novastar, Sahel Capital, CDC Group, Endeavor Catalyst, Partech, and MSA Capital
Company Website: https://www.tradedepot.co/
Software Category: B2B eCommerce and embedded finance platform
About the Company: Founded in 2016, TradeDepot connects consumer goods brands in Africa directly to a target market of several million retail outlets across the continent. Via its ShopTopUp platform, the startup offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory and pay in installments as they sell on to their customers. TradeDepot has built a network of leading consumer goods brands and SME retailers across Africa and created a proprietary risk scoring engine that uses retailers’ purchase history, previous repayment performance, and other related data points to predict their creditworthiness. This financing model coupled with industry-leading technology to support logistics operations has led to a 200 percent increase in transaction volumes for retail store owners.