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Payments General

TPG invests USD 47.5 mln in Cellulant

Monday 14 May 2018 | 02:32 PM CET

TPG has paid USD 47.5 million to acquire an unspecified stake in Kenyan digital payments company Cellulant, which operates in 11 African markets.

The Rise Fund, the impact investment arm of TPG, invested together with Endeavor Catalyst, Satya Capital and Velocity Capital, according to Reuters.

The applications created by the US company now offer any Kenyan with a smartphone access to small amounts of credit.

Cellulant was founded in Nigeria and Kenya in 2004 and offers digital payments platforms and mobile banking services for people that do not have a bank account. In 2012, the company was granted license by the Central Bank of Nigeria (CBN).

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