Ghana: Float raised $17 million in a January seed round, which it will use to expand geographically. The startup lends to micro-, small-, and medium-sized enterprises (MSMEs)—businesses that find it challenging to get financing from traditional banks. More than half of the 44 million MSMEs in sub-Saharan Africa need more funds than they can access to grow their businesses, per World Bank data.
The company connects consumer brands with retailers and has a presence in Ghana, Nigeria, and South Africa. TradeDepot’s B2B BNPL product is available through its Shop TopUp platform, which offers merchants a variety of financial services, including digital wallets and loans. The company plans to use the new funds to bring more retail stores onto its platform and expand its BNPL product across Africa.