B2B eCommerce and embedded finance platform TradeDepot has acquired Ghanaian B2B eCommerce platform Green Lion to accelerate service delivery in the country.
According to a TradeDepot, Green Lion was founded in 2018 and is focused on revolutionising access to essential goods and services, and enabling 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.”
TradeDepot adds that 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% of the market.
The eCommerce platform already has active operations in Ghana, as well as its operations in Nigeria and South Africa, and says this acquisition will expedite service delivery to more cities to enable increased sales, higher margins and other value-added services for all parties across the retail value chain.
A statement released by the company reads: “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.
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 on board 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.”
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.”
TradeDepot will take on all existing Green Lion Africa relationships and assets in Ghana. The Green Lion team will also be joining TradeDepot.