GHANA – TradeDepot, Nigerian B2B eCommerce and embedded finance platform in Africa has acquired its competitor from Ghana Green Lion for an undisclosed amount.
The acquisition will see TradeDepot take on all existing Green Lion Africa relationships and assets in Ghana, in a bid to accelerate the delivery of its services across the country.
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.
Jorge de Rojas from Green Lion said, “We are delighted to be joining the TradeDepot family and continuing our work to help neighbourhood retailers across Africa thrive.
“It is an exciting time for B2B eCommerce in Africa and we are thrilled by the opportunity to drive more value in the Ghanaian ecosystem and all over the continent.”
Founded in 2018, Green Lion, which is one of the fastest growing B2B e-commerce platform in Ghana, has been committed to revolutionising access to essential goods and services, and enabling digital commerce for neighbourhood retailers in the country.
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.
Commenting on the acquisition, Onyekachi Izukanne, CEO and co-founder of TradeDepot, 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.
“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.”
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 percent of the market.
TradeDepot already has active operations in Ghana, as well as its operations in Nigeria and South Africa, and this acquisition will expedite the delivery of its game-changing services to more cities to enable increased sales, higher margins and other value-added services for all parties across the retail value chain.
TradeDepot has built a network of leading consumer goods brands and SME retailers across Africa, and created a proprietary risk scoring engine that uses retailers’ purchase history, previous repayment performance and other related data points to predict their creditworthiness.
Via its ShopTopUp platform, the company 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 instalments as they sell on to their own customers.
In December, it raised US$110 million 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.
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