The African FinTech sector records another merger between TradeDepot and Ghana’s Green Lion. Both startup companies offer B2B e-commerce solutions integrated with finance management. TradeDepot acquires Green Lion to grow its services across the African populace for an undisclosed amount.
TradeDepot poses as the parent company to the Ghana startup Green Lion B2B e-commerce company. Still, Green Lion has accelerated its B2B e-commerce solutions rated as a unicorn — the Ghanaian startup company’s valuation remains lesser than a billion dollars.
TradeDepot purportedly acquired the Ghanaian B2B e-commerce startup to influence its subsidiary customer base due to the enormous amount of equity TradeDepot possesses. TradeDepot could also be categorized as a unicorn worth more than tens of billions of dollars
TradeDepot CEO, Onyekachi Izukanne revealed his B2B company operates in Africa’s major commercial zone including, Nigeria, South Africa, Ghana, etc. Still, the B2B e-commerce company wants to invade the entire West African e-commerce marketplace.
Izukanne said, “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.”
Green Lion has been serving the Ghanaian population with a click digital retail e-commerce solutions. TradeDepot on the other hand, transact with a larger market instantly via high-end technology. Green Lion’s parent company has a network that manages a large number of logistics — this leverages the TradeDepot acquisition whereby merging its services with another B2B replica.
Izukanne intends to influence the West African retail chain whereby TradeDepot serves a broader e-commerce marketplace — operating in other major African cities including the underserved population of Africa. TradeDepot also expects to experience additional value, higher margins, and increased sales.
Techbooky suggests the $110m TradeDepot’s current equity balance sponsored the Green Lion acquisition.
At the end of 2021, TradeDepot reported the number of funds they raised to bolster its B2B e-commerce with a FinTech network that allows customers to BNPL. TradeDepot intends to inject the $110m Series B deal Izukanne bagged to develop its BNPL services via the ShopTopUp featuring as a new flagship product on the parent’s company’s retail chain network.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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