Cellulant, a digital payments firm that serves 40 million people across 11 African countries, has raised $47.5m in a series C funding round led by TPG Growth’s The Rise Fund.

TPG was joined by Endeavor Catalyst, Satya Capital, Velocity Capital and Progression Africa in the fundraising.

TPG will also acquire a stake in Cellulant, though the size of the stake was not disclosed. The Rise Fund representatives will join Cellulant’s board as part of the deal.

The Rise Fund CEO and co-founder Bill McGlashan added: “Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact, and Cellulant is at the leading edge of that work,” said,. “We’re excited to invest in African entrepreneurs like Ken and Bolaji to help them grow their businesses and expand their impact on society. Cellulant is a perfect partner for The Rise Fund’s first investment in Africa.”

Cellulant’s platform serves both consumers and businesses, working with financial institutions, governments and mobile network operators. The firm operates in Kenya, Nigeria, Zambia, Ghana, Zimbabwe, Tanzania, Uganda, Botswana, Mozambique, Malawi, and Liberia.

Cellulant co-founder and group CEO Ken Njoroge said: “This investment from TPG Growth’s The Rise Fund will enable us to build a world class payments team that can unlock our next phase of growth. This involves not only entering new geographies across the continent, but also consolidating our presence in existing markets.”