Investment firm TPG splashes millions for Cellulant’s stake

Major Private investment firm TPG (Texas Pacific Group) has invested $47.5 million to acquire an unspecified stake in Kenyan digital payments firm Cellulant, which operates in 11 African markets.

Global investors have been eyeing deals in African FinTech firms to take advantage of the growth offered by a continent that has used technology to surmount many challenges especially in Financial Inclusion.

“Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact, and Cellulant is at the leading edge of that work,” said Bill McGlashan, CEO and co-founder of The Rise Fund, the impact investment arm of TPG that invested in the firm.

The Rise Fund invested together with Endeavor Catalyst, Satya Capital and Velocity Capital. The board of The Rise Fund includes rock star Bono, London-based Sudanese tycoon Mo Ibrahim and founder of eBay, Pierre Omidyar.

Texas Pacific Group said the deal was the largest of its kind in African financial technology firms.

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