Tingo, a fintech firm based in Nigeria, announced yesterday that it is seeking to raise $500 million in funding, as part of its efforts to expand its business across more African nations.
Dozy Mmobousi, the CEO of Tingo, revealed the company’s plans to Bloomberg media outlets on Monday.
Tingo, an agriculture-focused firm, valued at $6.3 billion, will be raising the capital through a private placement. Besides that, the firm plans to be listed on the New York Stock Exchange in the first half of the year.
Additionally, Mmobousi disclosed that the company intends to commit $100 million to a fund that will increase credit to mainly female farmers. The firm has plans to expand to at least 19 African countries within the next three years through acquisitions.
Talking about how the firm plans to move forward, Mmobousi stated: “We plan to acquire companies and expand infrastructure that will help us become a pan-African business, delivering the same services we’re delivering in Nigeria in many other countries.”
Apart from that, Tingo is seeking to become a global firm. This is evident by the company’s push to be listed on the New York Stock Exchange. Mmobousi said: “We are working closely with the exchange, and we believe the outcome will be positive.”
Using Big Data to Link Farmers to Finance and Opportunities
Established in 2019, Tingo, an Agricultural-Fintech firm, continues to provide a comprehensive platform service through the use of smartphones to enable African farmers to manage their business activities of growing and selling their products to market participants both locally and internationally.
Tingo believes in a truly connected world as a way that contributes to a better global society. With more than nine million subscribers, the fintech firm is working on accelerating digital commerce.
Tingo helps farmers acquire mobile phones through leasing plans and connects them to mobile and data networks through its own virtual mobile network. Furthermore, the company connects farmers to markets, services and resources via its digital agritech marketplace platform, Nwassa, which started its operations in 2020.
