FinTech firm Cellulant, co-founded by Ken Njoroge from Kenya and Bolaji Akinboro from Nigeria, will use the US$47.5 million investment from private equity company TPG Growth to expand and strengthen its service.

TPG Growth has made the investment through its Rise Fund and it is joined in the round by Mo Ibrahim-led Satya Capital and Endeavor Catalyst, an American firm that manages co-investment funds.

The Rise Fund is interested in Cellulant because the FinTech firm is positioned to support the Fund's objective to expand easy-to-use and low-cost mobile banking offers across Africa.

Bill McGlashan, CEO and co-founder of The Rise Fund, said, "In Africa, expanding mobile banking has huge potential impact and Cellulant is at the forefront of this approach."

Akinboro said the company, which has presence in Lagos and Nairobi, will use the fund to improve its payment products.

"This new funding will allow us to increase access to payments for the millions of Africans who are still unbanked, despite the financial inclusion revolution," Akinboro said.

Njoroge said, "With two-thirds of Africans unable to open a bank account, we believe that the establishment of connected payments infrastructures is a prerequisite for resolving real challenges and accelerating growth and development in Africa."

Yemi Lalude, Managing Partner at TPG Growth, noted that the investment is an attestation to the unique position the FinTech company has in the sector.

Cellulant operates in Ghana, Tanzania, Zambia, Zimbabwe, Uganda, Liberia, Malawi, Botswana, and Mozambique. It has partnered with 94 banks and seven mobile money platforms and has a combined potential customer base of 130 million.