Nigerian B2B marketplace TradeDepot has acquired Ghana-based competitor Green Lion for an undisclosed amount as part of a plan to expand into that neighboring African nation, according to a Wednesday (Feb. 23) Yahoo Finance report.
Green Lion develops FinTech solutions that allow traders to access financing and stock monitoring through its digital ledger, Wysr. The company has made almost 30,000 transactions with 4,404 customers in four cities across Ghana.
TradeDepot, which only had a presence in Ghanaian capital Accra before the acquisition, is now looking to speed up its growth in that country through Green Lion’s expertise in data, technology and logistics that are used to connect neighborhood retailers to suppliers.
Customers will also have access to loans and buy now, pay later (BNPL) support, with the flexible payment platform embedded in the company’s ShopTopUp platform.
“Ghana represents a significant market for consumer goods in Africa, and we are excited to bring the Green Lion team onboard to drive growth and prosperity for more retailers and distributors in the country,” said TradeDepot CEO and co-founder Onyekachi Izukanne, in the report.
“We look forward to deepening our relationship with the market and working with more partners to maximize the opportunities that abound in Ghana and beyond,” he said.
TradeDepot, which recently raised $110 million in a Series B fundraising round, uses its own warehouses and fleets of drivers to distribute fast-moving consumer goods to its network of micro-retailers across Nigeria, Ghana and South Africa.
Related: B2B FinTech Stays Resilient Amid Investment Slowdown
TradeDepot also raised $10 million in a pre-Series B equity round led by Partech, International Finance Corporation, Women Entrepreneurs Finance Initiative and MSA Capital as it aims to digitize retail supply chains and expand into new markets across Africa. The company will also launch credit facilities for retail buyers and other financial products.
Also read: Fisticuffs Fly in Ghana Parliament During Electronic Payments Tax Debate
In December, Ghana lawmakers let their fists fly during a parliamentary debate on a proposed electronic payments tax that has become a lightning rod since the discussion began last year.
The 1.75% electronic levy, which would include taxes on mobile money payments, held up the passage of Ghana’s national budget amid fierce opposition.
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