Accra-based Green Lion acquired by Nigeria’s TradeDepot to accelerate expansion across Ghana
TradeDepot, a Nigerian B2B e-commerce and integrated finance firm, has announced the purchase of Green Lion, Ghana’s largest and fastest-growing B2B e-commerce platform, in order to expand its services across the nation.
TradeDepot, which was founded in 2016, connects African consumer products businesses with a target market of several million retail outlets throughout the continent. The firm offers a wide selection of consumer items to SME shops in its network via its ShopTopUp platform, as well as credit lines that allow these merchants to obtain inventory and pay in installments as they sell to their own consumers.
The firm, which completed a $110 million Series B fundraising round in December, is currently operational in South Africa and Ghana, and will now expand to other African countries.
Green Lion was founded in 2018 with the goal of revolutionizing access to vital products and services while also enabling digital commerce for local shops in Ghana. Using its data, technology, and solid logistical capabilities, TradeDepot will link more neighbourhood businesses in more Ghanaian cities to suppliers, making finance more accessible and inexpensive.
Ghana’s retail industry is worth US $24.4 billion and is predicted to grow to US $33.16 billion by 2024, with small and medium-sized businesses accounting for over 90% of the market. This purchase will speed up the distribution of TradeDepot’s services to additional cities, allowing all partners in the retail value chain to benefit from more sales, improved margins, and other value-added services.
“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.
Green Lion Africa’s current contacts and assets in Ghana will be taken over by TradeDepot. The Green Lion team will also join TradeDepot to help develop the future of retail by making food and supplies more accessible and inexpensive to even the continent’s most remote customers.
Jorge de Rojas, CEO of Green Lion, expressed his joy at joining the TradeDepot family and continuing Green Lion’s mission in assisting neighbourhood businesses across Africa to grow.
“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.
