The Series A funding round for JABU, a B2B e-commerce company based in Namibia led by Tiger Global, resulted in the company raising $15 million.
D Global ventures, Box Group and Knollwood are some of the notable investors who participated in this growth round.
The company asserts that businesses can use Jwallet to place orders, check inventory, and make payments for their products and that the businesses can expect to receive their orders on the same day that they placed them.
Dashboards are the delivery mechanism for JABU’s data-driven services to banks and FMCG Brands. These services include sales analytics and agent productivity.
The business is currently collaborating with the banks to incorporate an API into the interchange. Because of this, a person who obtained money through their wallet would be able to go to a JABU store, use their physical float, and withdraw cash from the store.
According to CEO David Akinin, merchants can use the BNPL service to earn an income. After that, they can put that profit toward the payment of the subsequent invoice or toward purchasing items from a new supplier who is part of a different supply chain.
We’re working on it to demonstrate a more effective way of interacting with stores, and Akin says that the employees are excited about it as a potential product.
The company plans to increase in presence in Southern Africa through the Series A funding and break markets in the latter half of this year in Eswatini and Botswana.