MarketForce, a B2B retail and financial services distribution startup in Kenya, has expanded to five additional markets across Africa to grow. RejaReja — The retailer’s “SuperAppli” gives unofficial merchants digital orders and payment of inventory, acceptance of utility bill payments, and access to business financing.
Startups today announce their entry into the B2B retail market RejaReja in Ethiopia, Ghana, Tanzania, Rwanda and Uganda, about two months after its launch in Nigeria has grown beyond Kenya after a successful pilot program. Did.
MarketForce Has partnered with Pan-African payments company Cellulant to allow local and international merchants to accept “regionally-related alternative” payment methods from their customers and expand into these new markets.
“We are working with Cellulant to open up new markets because Cellulant already exists in these markets and has partnerships with both banks and claimants. We will be able to focus on acquiring merchants, “Tesh Mbaabu, co-founder and CEO of Market Force, told TechCrunch.
According to the settlement company, Cellulant is affiliated with 46 mobile money operators in Africa and 120 banks, serving 35 African countries physically located in 18. RejaReja is set to grow across the continent, leveraging Cellulant’s coverage.
“We have been piloting this partnership for six months and are pleased to announce plans to expand our fruitful relationship with Market Force in Kenya. This collaboration will bring millions of Africans to digital finance. We aim to make the service available and give it a significant boost. Financial inclusion and income of merchants across sub-African Africa, “said David Waithaka, Cellulant’s Chief Executive Officer.
Mbaabu said it aims to increase RejaReja’s merchants by a factor of 10 to 1 million by the end of next year. RejaReja has grown rapidly since its launch in December 2020, with over 87,000 orders placed through the platform and an average basket price of $ 151. By the end of this month, annual trading volumes are expected to reach $ 60 million.
“We hit 100,000 merchants in Kenya and Nigeria in November, and this number is growing very rapidly. Currently, we are growing 40% every month. This is how powerful our service is. It shows if there is one, “said Mbaabu.
“Growth is because merchants perceive value. It’s a vote of trust in the platform by merchants, and many of them are using technology for the first time in their business,” officially said in 2018. Mbaabu, who co-founded Mesongo Sibut and Market Force as a SaaS product for the market, said. Active users of this service include Unilever, Pepsi, Safaricom and Coca-Cola. MarketForce recently raised $ 2 million in seed funding.
RejaReja’s startup plan is to build a comprehensive platform for informal merchants selling the majority of Fast-moving Consumer Goods (FMCG) in Africa in the near future, all in sub-Saharan Africa. To have a presence in the market. ..In sub-Saharan Africa 80% While some home retailers are offered through informal retailers, these shops face many challenges that make business growth difficult, including stockouts, revenue instability, and financing. increase.
Through RejaReja, MarketForce provides solutions to these challenges by guaranteeing the next-day delivery of goods and using that data to develop the credit profiles needed to secure a loan. Startup Pezesha — Digital Financial Markets Platform — Offers a loan to the merchant.
“We believe RejaReja is the largest retail distribution network in sub-Saharan Africa,” said Mbaabu.
“The goal is to enable all these merchants to increase their income and profits in the digital age, access their inventories, act as special agents for various financial services and, as a result, earn additional income. . You can also extend your working loan. “
MarketForce partners with Cellulant to expand in five new markets across Africa as it races to cover continent – TechCrunch Source link MarketForce partners with Cellulant to expand in five new markets across Africa as it races to cover continent – TechCrunch
