TradeDepot acquires Accra-based Green Lion to accelerate expansion across Ghana.

TradeDepot, a Nigerian B2B e-commerce and embedded finance startup, has announced the acquisition of Green Lion, Ghana’s largest and fastest growing B2B e-commerce platform, in order to accelerate service delivery across the country.

TradeDepot, which was founded in 2016, connects African consumer goods brands directly to a target market of several million retail outlets across the continent. The startup, through its ShopTopUp platform, provides a wide range of consumer goods to SME retailers in its network, as well as credit lines to allow these retailers to access inventory and pay in installments as they sell to their own customers.

The company, which raised a US$110 million Series B funding round in December, is already active in South Africa and Ghana, and with the acquisition of Green Lion, it will now expand even further into the latter.

Green Lion, which was founded in 2018, works to improve access to essential goods and services while also enabling digital commerce for Ghanaian neighborhood retailers. Building on this work, TradeDepot will use its data, technology, and robust logistics operations to connect more neighborhood retailers in more Ghanaian cities to suppliers while also making financing more accessible and affordable.

Ghana’s retail sector is worth $24.4 billion and is expected to grow to $33.16 billion by 2024, with SME retailers accounting for approximately 90% of the market. This acquisition will accelerate the delivery of TradeDepot’s services to more cities, resulting in increased sales, higher margins, and other value-added services for all parties involved in the retail value chain.

“Ghana is a significant market for consumer goods in Africa, and we are thrilled to welcome the Green Lion team to help drive growth and prosperity for more retailers and distributors in the country.” “We look forward to deepening our market relationship and collaborating with more partners to maximize the opportunities that abound in Ghana and beyond,” said Onyekachi Izukanne, CEO and co-founder of TradeDepot.

Green Lion Africa’s existing relationships and assets in Ghana will be transferred to TradeDepot. The Green Lion team will also join TradeDepot to help build the future of retail by making food and supplies more accessible and affordable to even the most remote consumers on the continent.

Green Lion’s Jorge de Rojas expressed his excitement at joining the TradeDepot family and continuing Green Lion’s work in assisting neighborhood retailers across Africa to thrive.

“It’s an exciting time for B2B e-commerce in Africa, and we’re excited about the opportunity to drive more value in the Ghanaian ecosystem and across the continent,” he said.