TradeDepot acquires Accra-based Green Lion to accelerate expansion

Nigerian startup, TradeDepot, says it has acquired Green Lion, a B2B eCommerce firm in Ghana, to accelerate the delivery of its services across Africa.

The company said this in a statement made available to TheCable on Wednesday.

The statement added that the company will take ver all existing Green Lion Africa relationships and assets in Ghana.

“TradeDepot will take on all existing Green Lion Africa relationships and assets in Ghana. The Green Lion team will also be joining TradeDepot to support the mission to build the future of retail and make food and supplies more accessible and affordable for even the most remote consumers on the continent,” the statement 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.

“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.”

Commenting on the acquisition, Onyekachi Izukanne, CEO and co-founder of TradeDepot, said the company look forward to deepening their relationship with Ghana in better service delivery.

“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,” he said

“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, co-founder of 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 was founded in 2016 and recently, the company raised $110 million in series B funding, which was also used to support the expansion of the innovative merchant platform into new cities.