JABU, a Namibia-based B2B e-commerce company, has raised $15 million in a Series A round led by Tiger Global.
Other investors in this growth round include Box Group, Knollwood, and D Global Ventures.
According to the company, businesses can use Jwallet to order, stock, and pay for their items, and expect same-day delivery.
JABU provides data-driven services to FMCG brands and banks, such as sales analytics and agent productivity, via dashboards.
The company is working with banks to integrate an API into the interchange that would allow someone who received money through their wallet to walk up to a JABU store and withdraw money using their physical float.
Merchants would use a platform’s BNPL service to generate income, then use that profit to pay for the next invoice or acquire items from a new supplier in a separate supply chain, according to CEO David Akinin.
As we develop, we’re trying to show that there’s a better way to interact with stores, therefore the staff is excited about it as a product, according to Akinin.
The Series A funding will be used to expand the company’s presence in Southern Africa and to enter new markets such as Botswana and Eswatini later this year.
Source:techgistafrica.com