The company might probably seek the money in the first quarter of 2022, with the amount likely to be about two or three times the $50m raised in a previous funding round, Grover says in Nairobi. Cellulant will be looking for mostly equity finance and will target US investors, along with those in South Africa, Europe and the Middle East.
Cellulant, founded in 2004, operates an electronic payments gateway via its app and website for individuals and businesses to process transactions. It has partnerships with 33 of Africa’s largest mobile-money operators, and serves 35 African countries with a physical presence in 18. Grover aims to use new money to develop merchant lending products and artificial intelligence capabilities for customer data analytics and credit-scoring techniques. Cellulant will also strengthen its marketing capacity and “forward hire” technological specialists, he says.
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