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TradeDepot raises $110M from IFC, Novastar to extend BNL service to merchants across Africa


Startups digitizing B2B e-commerce and retail in Africa continue to grab the headlines after the pandemic paved the way for widespread offline retail and commerce disruption.

TradeDepot, a Nigeria- and U.S.-based company that connects consumer goods brands to thousands of retailers and helps with distribution, has raised $110 million in new equity and debt funding as it looks to bring in more retail stores and expand its buy now, pay later service across the continent.

Though TradeDepot did not comment on the share of equity to debt, data from the company’s SEC filing pegs the equity share at almost $42 million.

The Series B funding is coming almost 18 months after raising $10 million co-led by Partech Africa and the International Finance Corporation (IFC).