Cellulant Ltd., has announced its market expansion to South Africa. Chief Business Officer Sike Bamisebi made the announcement and said the Kenyan pay
Cellulant Ltd., has announced its market expansion to South Africa. Chief Business Officer Sike Bamisebi made the announcement and said the Kenyan payment-services provider is also eyeing Middle East and UK.
“We provide a valuable proposition in South Africa. We work with premium merchants and we give them access to these markets. These new markets fall in line with our strategy to prioritize the top markets,” said Bamisebi.
Cellulant’s main product is a payment platform called Tingg that enables merchants to collect payments from 257 in-store and online methods across 35 markets. The Kenyan PayTech also facilitates business payments, for example, through its virtual Mastercards for African businesses launched in October.
Payment-technology
Payment-technology companies have been at the forefront of an unprecedented boom in investment in African startups, which hit a record $5 billion in 2021. Businesses such as Flutterwave Inc. in Nigeria are tapping into rising demand for e-commerce on the continent, fueled by better connectivity and a lack of traditional banks.
Cellulant’s backers include TPG Growth’s The Rise Fund, which led a $47.5 million round in 2018. The company operates in 18 countries and serves 35 others. The company enables businesses to collect payments online and offline from mobile money, cards or banks. Its clients include airlines, banks, fintechs and fast-food chains including Burger King.
In its latest partnerships, Cellulant partnered with Copia Global, a Kenyan e-commerce platform, to facilitate payment for diaspora and urban customers. Cellulant’s fundraising comes amid a cool down in startup investment globally in part due to rising US interest rates. Funds raised by African startups this year are likely to match the previous year’s record $5 billion according to data from Briter Bridges.