Tingo, a financial technology company founded in Nigeria is seeking to raise $500 million in funding, as it plans to expand across more African countries.
This was disclosed by the company’s Chief Executive Officer, Dozy Mmobousi during an interview session, according to Bloomberg.
The company, which is an agriculture-focused firm, valued at $6.3 billion, will be raising the fund through a private placement and plans to list on the New York Stock Exchange in the first half of the year.
In addition, the company intends to commit $100 million into a fund that will increase credit to mostly women farmers. Also, it plans to expand to at least 19 African countries within the next three years through a series of acquisitions.
On the companies plan to move forward, Dozy Mmuobosi had this to say, “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.”
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The company also has plans to become a global company, which is evident in its push to be listed on the New York Stock Exchange. On this, the Chief Executive officer said, “We are working closely with the exchange and we believe the outcome will be positive.”
What you need to know about Tingo
- Tingo is an agriculture-focused company. It was founded more than two decades ago in Nigeria. The company is present in villages across the country with about 12 million customers, comprising mostly rural farmers.
- In 2020, Tingo posted revenue of $594 million making it one of the highest valued fintechs in Africa and now, it is set to join newer companies that are benefiting from increasing investor interest in Africa.
- The company leases mobile devices and provides an eCommerce platform for farmers and others outside the agricultural sector to enable them to manage their commercial activities of growing and selling their produce to market.
- In addition to this, the company generates revenue from leases as well as commissions and fees from its other services. Currently, Tingo processes about $4 billion in transactions annually.