A leading financial technology company, Tingo Inc, currently regarded as the most valued fintec company in Nigeria is considering a continent wide expansion in Africa with a new bid to raise $500 million.
With growing population, food insecurity and poverty in Africa, Tingo has been transforming rural farming communities by providing connectivity and access to the firm’s extensive and unique platform.
In about two decades, Tingo has succeeded in selling about 30 million mobile devices. It has about 9 million subscribers through its Nwassa platform and conducts daily financial transaction of about 8 million.
The company which is valued at about $6.3 billion over the US counter with thriving businesses in Nigeria in a report published by Bloomberg is seeking $500 million to expand across Africa through acquisitions.
Recall, that the company is the first indigenous mobile phone manufacturers in Nigeria although the plant was shut last year due to harsh economic condition according to the company, the Chief Executive Officer of Tingo Inc, Dozy Mmobuosi disclosed to Bloomberg that the company would be raising a combination of debts and equity financing through a private placement.
Mmobuosi had said the company’s priority was to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally.
With the move, the company had created an ecosystem that provides a ‘one stop shop’ solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from ‘seed to sale’.
Already , Tingo is in talks with the New York Stock Exchange for the company to be listed in the first half of 2022.
As an Agric Fintech company founded two decades ago, Tingo has grown to be one of the biggest fintech company in Nigeria with expectations in earnings before interest and taxes as well as depreciation or Ebita to more than double in 2025.
Mmobuosi explain that the acquisition would include commodities firm and a fintech company. This Partnership with the technology firm with a payment license will combine with Tingo’s current business to become a ‘PHENOMENAL’ operation.
From this new financing, Tingo intends to commit $100million to a fund that will increase credit mostly to female farmers across 19 African countries within the next 3years.
Tingo’s plan for the future includes acquiring companies and expanding infrastructures that enables Tingo become a Pan African business,delivering the same services it provides in Nigeria to many countries.
Dozy concluded by saying that the ultimate reason for the push is for Tingo to be listed on the New York stock exchange in a bid to becoming a Global company.
(Tingo posted a review of $594 million in 202O with a Ebita at $212 million)