Tuesday
May 15
2018

TPG ventures into African market with purchase of $47.5m stake in telco Cellulant

By Josh Mines

Private equity group TPG has announced its first venture into the African market as its Rise Fund acquired a stake in telco firm Cellulant.

TPG will buy a $47.5m stake in the digital payments provider, which reaches around 40 million people over 11 African countries.

The Rise Fund is making the investment alongside Endeavor Catalyst, Satya Capital, Velocity Capital & Progression Africa.

Source: City A.M. (link opens in a new window)

Categories
Inclusive Fintech, Investing, Technology
Tags
digital payments, impact investing, telecommuications