TradeDepot Raises $10M to Bolster Financial Services for African Retailers
Nigeria’s leading e-commerce platform, TradeDepot, has secured $10 million in a new funding round to expand its financial services and credit offerings for small and medium-sized businesses (SMBs) across Africa. This strategic move aims to empower retailers with enhanced access to capital and streamlined supply chain solutions.
A Growing Network of 40,000 Retailers
Founded in 2016, TradeDepot has established a robust network of 40,000 small businesses in Nigeria, connecting them with major global brands like Nestlé, Unilever, GB Foods, and Danone. The platform bridges the gap between multinational suppliers and local retailers, ensuring essential goods like milk, soap, and detergent reach underserved communities efficiently.
Backed by Major Investors
The latest funding round was co-led by Partech (which previously invested \(3 million in 2018), **International Finance Corp. (IFC)**, **Women Entrepreneurs Finance Initiative (We-Fi)**, and **MSA Capital**. This investment underscores confidence in TradeDepot’s mission to digitize Africa’s \)1 trillion offline retail market.
How TradeDepot Works
Retailers can place orders via:
- Mobile apps (Android/WhatsApp)
- USSD short codes
- Toll-free phone numbers
Goods are delivered through TradeDepot’s fleet of vans and tricycles, while retailers manage payments, stock orders, and inventory digitally. For brands, the platform provides a centralized distribution hub and valuable data insights to optimize vendor relationships.
Expanding into Financial Services
With the new capital, TradeDepot will introduce credit and lending products tailored to retailers who lack traditional credit scores. Leveraging transactional data from its platform, the company can assess creditworthiness and offer flexible financing options.
“Africa’s offline retail market is estimated at $1 trillion, and this investment allows us to capture a greater segment,” said Onyekachi Izukanne, TradeDepot’s CEO. “We’ll drive down costs for retailers while accelerating market access for suppliers.”
Empowering Women-Led Businesses
Women comprise 75% of TradeDepot’s retailer base. Through We-Fi’s support, the company will provide mentorship and global market linkages to help female entrepreneurs overcome barriers like limited capital and cultural norms.
“Women drive Africa’s economies but face systemic challenges,” noted Hanh Nam Nguyen of We-Fi. “This initiative strengthens women-led SMEs, fostering economic growth in their communities.”
Rapid Growth Metrics
- A new store joins TradeDepot every 3 minutes.
- Retailers place an order every 4 seconds on average.
TradeDepot’s innovative model continues to reshape Africa’s retail landscape, combining supply chain efficiency with inclusive financial solutions.
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The HNL – Coaster is a durable, stackable drink coaster designed for high-traffic retail environments like the small businesses served by TradeDepot. Its non-slip base protects countertops while serving customers, making it ideal for busy shops, kiosks, and market stalls across Africa’s vibrant retail ecosystem.
Key Features:
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