Nigerian trade finance startup FrontEdge, a company focused on facilitating cross-border trades for African SMEs, has raised a substantial $10m in a mix of debt and equity funding.
FrontEdge intends to utilise the $10m to expand its reach and deepen its impact across the African continent, according to a report from Disrupt Africa. By doing so, the company aims to facilitate the growth of African cross-border trade, providing SME exporters and importers with the necessary capital and expertise to achieve scale.
The funding round was led by TLG Capital and included participation from Flexport.
At its core, FrontEdge is dedicated to empowering exporters and importers in emerging markets. Founded in 2021 by Harvard MBA graduate Moni Alli, the startup offers a blend of working capital solutions and advanced software tools. These services are tailored to meet the unique needs of SMEs engaged in cross-border trade, aiming to enhance their competitiveness on the international stage.
FrontEdge founder Moni Alli commented on the company’s mission, stating, “SMEs are the cornerstone of our economies and the export market presents a significant opportunity for small and medium sized African businesses. However, from Lagos to Mombasa, business owners are constrained by an inability to finance their exports as well as a lack of support at every stage of the export process. FrontEdge was founded to address both challenges through a seamless technology platform tailored to cross-border traders.”
TLG’s Johnnie Puxley shared his enthusiasm for the partnership, saying, “TLG is proud to support FrontEdge in its mission to help African SMEs prosper, serving as a crucial conduit to provide access to capital for Africa exporters and financial empowerment. FrontEdge is strategically placed to tackle an important problem that must be solved for African traders to effectively engage in global trade and we believe that the leadership will execute on the vision.”
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