Global Accelerex Limited
Payment solutions for businesses across African markets.
| Date | Investors | Amount | Round |
|---|---|---|---|
$20.0m | Growth Equity VC | ||
| Total Funding | 000k | ||
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Global Accelerex Limited is a financial technology company established in 2008, providing electronic payment and business management solutions across Africa. The company is certified by the Central Bank of Nigeria (CBN) as a Payment Terminal Service Provider (PTSP) and a Payment Solution Service Provider (PSSP). It began its payment services operations in October 2013 after receiving CBN approval.
The company's offerings are designed for a range of clients, from small merchants to large corporations and financial institutions, aiming to advance financial inclusion. Its services include the deployment and management of Point-of-Sale (POS) terminals, payment gateway services, and agency banking platforms. Global Accelerex supports approximately 95% of Nigerian banks and over 90,000 merchants. The firm's business model involves working with commercial banks, vendors, and regulatory bodies to deliver its services. It generates revenue through its suite of payment solutions, including the Accelerex Agent Network Platform (ANP) for agency banking, the Accelerex Collections Platform (ACP), and various POS applications that can be customized for different business needs like fuel stations or hospitals.
The company was founded under its parent company, Accelerex Holdings, which was established to invest in digital financial technology companies in Africa. Tunde Ogungbade, with a background in IT and management consulting for firms like PricewaterhouseCoopers, led Accelerex from a startup to a private equity-backed multinational group. In 2020, Accelerex Holdings secured a $20 million investment from Africa Capital Alliance (ACA) to fuel expansion and new product development. This funding supported the company's growth into Ghana in 2019 and further plans for expansion into other African markets.
Keywords: electronic payments, financial technology, POS terminals, payment gateway, agency banking, financial inclusion, merchant services, payment collection, business management solutions, payment solution provider, digital payments, African fintech, cashless solutions, remittance solutions, payment integration, retail operations, customer management, inventory management, e-payment solutions, transaction processing