In a significant milestone for the African fintech landscape, FrontEdge, a Nigerian trade finance startup, has successfully raised a substantial $10 million in a combination of debt and equity funding. The company, founded in 2021 by Harvard MBA graduate Moni Alli, specializes in facilitating cross-border trades for small and medium-sized enterprises (SMEs) across Africa.
According to a report from Disrupt Africa, the funding round was led by TLG Capital, a prominent investment firm, with participation from Flexport, underscoring the industry’s confidence in FrontEdge’s mission. The startup plans to leverage the newly acquired funds to expand its operational footprint and deepen its impact on the African continent.
FrontEdge’s primary objective is to empower SMEs engaged in cross-border trade, providing them with the necessary capital and expertise to achieve significant scale. The company aims to play a pivotal role in fostering the growth of African cross-border trade by addressing the financial constraints faced by SME exporters and importers.
Moni Alli, the founder of FrontEdge, expressed the company’s commitment to supporting the backbone of African economies – SMEs. Alli highlighted the significant opportunity presented by the export market for small and medium-sized businesses in Africa. He pointed out the challenges faced by business owners, ranging from the inability to finance exports to a lack of support throughout the export process.
FrontEdge distinguishes itself through a seamless technology platform that combines working capital solutions with advanced software tools. These services are specifically tailored to meet the unique needs of SMEs involved in cross-border trade, with the overarching goal of enhancing their competitiveness on the global stage.
Johnnie Puxley, representing TLG Capital, expressed enthusiasm for the partnership with FrontEdge. Puxley emphasized TLG’s pride in supporting FrontEdge’s mission to empower African SMEs, describing the company as a crucial conduit for providing access to capital to exporters on the continent. He underscored FrontEdge’s strategic position in addressing a crucial problem faced by African traders looking to effectively engage in global trade.
As FrontEdge positions itself to utilize the $10 million in funding to expand and deepen its impact, industry observers are keenly watching how the startup will contribute to shaping the future of cross-border trade for African SMEs.
Photo (BY TOM JACKSON via Disrupt Africa)
By: Delino Gayweh
Serrari Financial Analyst
23rd, November 2023
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
