Nigerian B2B e-commerce and embedded finance startup TradeDepot has announced the acquisition of Green Lion, the biggest and fastest growing B2B e-commerce platform in Ghana, to accelerate the delivery of its services across the country.
Founded in 2016, 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.
The company, which raised a US$110 million Series B funding round in December, is already active in South Africa and Ghana, and will now be expanding further across the latter after acquiring Green Lion.
Founded in 2018, Green Lion works to revolutionise access to essential goods and services, and enables digital commerce for neighbourhood retailers in Ghana. Building on this work, TradeDepot will leverage its data, technology and robust logistics operations to connect more neighbourhood retailers in more Ghanaian cities to suppliers and make financing more accessible and affordable.
Ghana’s retail sector is valued at US$24.4 billion and is expected to reach US$33.16 billion by 2024, with SME retailers accounting for about 90 per cent of the market. This acquisition will expedite the delivery of TradeDepot’s services to more cities to enable increased sales, higher margins and other value-added services for all parties across the retail value chain.
“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. We look forward to deepening our relationship with the market and working with more partners to maximise the opportunities that abound in Ghana and beyond,” Onyekachi Izukanne, CEO and co-founder of TradeDepot, said.
TradeDepot will take on all existing Green Lion Africa relationships and assets in Ghana. The Green Lion team will also be joining TradeDepot to support the mission to build the future of retail and make food and supplies more accessible and affordable for even the most remote consumers on the continent.
Green Lion’s Jorge de Rojas said he was delighted to be join the TradeDepot family and continue Green Lion’s work in helping neighbourhood retailers across Africa thrive.
“It is an exciting time for B2B e-commerce in Africa and we are thrilled by the opportunity to drive more value in the Ghanaian ecosystem and all over the continent,” he said.