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December 6, 2021Blog Posts

TradeDepot raises $110M from IFC, Novastar to extend BNL service to merchants across Africa

TechCrunch

Startups digitizing B2B e-commerce and retail in Africa continue to grab the headlines after the pandemic paved the way for widespread offline retail and commerce disruption.

TradeDepot, a Nigeria- and U.S.-based company that connects consumer goods brands to thousands of retailers and helps with distribution, has raised $110 million in new equity and debt funding as it looks to bring in more retail stores and expand its buy now, pay later service across the continent.

Though TradeDepot did not comment on the share of equity to debt, data from the company’s SEC filing pegs the equity share at almost $42 million.

The Series B funding is coming almost 18 months after raising $10 million co-led by Partech Africa and the International Finance Corporation (IFC).

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The hype train for buy now, pay later (BNPL) continues to pick up steam as consumers seek shopping alternatives during the pandemic – could this emerging payment option be a credit card killer?

While flexible payments are something that all generations can get behind, younger consumers in particular are drawn toward simple payment processes and behavioral shifts away from traditional credit cards.

As a way to better understand usage, experiences, and trust surrounding BNPL, The Strawhecker Group (TSG) surveyed over 1,500 U.S. consumers in February. Check out some highlights below and download the infographic to get a better understanding of why consumers are choosing BNPL.

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