Nigerian E-Commerce Startup TradeDepot Raises USD 110 Mn Series B Round

Nigerian startup TradeDepot, a B2B e-commerce and embedded finance platform, has raised USD 110 Mn in an equity and debt Series B funding round to support the delivery of buy-now-pay-later services to five million SME retailers and drive further expansion of its merchant platform across the continent.

The round was led by the International Finance Corporation (IFC), with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst, and existing investors, Partech and MSA Capital. Arcadia Funds led the debt funding.

TradeDepot connects consumer goods brands in Africa directly to a target market of several million retail outlets across the continent. Via its ShopTopUp platform, the startup offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory and pay in installments as they sell on to their own customers.