Tingo $500 Million Fundraising: All You Need To Know

Tingo Inc. just recently concluded plans to raise $500 million funding as part of its strategic plan to expand its tentacles within the African continent.

According to Bloomberg, the company CEO, Dozy Mmobuosi said that they hope to raise $500 million in funding which will enable them to extend their success in Nigeria to the rest of Africa.

The company, which is hardly known by most Nigerians is planning to raise that money through a private placement and plans to list on the New York Stock Exchange before the end of the second quarter.

Following the increased sectoral funding to women entrepreneurs, the company plans to commit $100 million into a fund that will increase credit to mostly women farmers.

The funds when realized will help actualize its presence in at least 19 countries in Africa within a three-year target period through a series of direct acquisitions.  

The company hopes that with its successes in Nigeria and possibly the African continent, her dreams of getting 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.”

A Brief About the Company

• The Agric-Fintech company offers a comprehensive platform service through the use of smartphones (using GSM technology) to empower subscribers and especially farmers within and outside of the agricultural sector to exploit their potential to grow the sector.
• The company also helps subscribers manage their commercial activities of growing and selling their produce to market participants both domestically and internationally.
• Tingo Inc.'s ecosystem offers a 'one-stop shop' solution for such customers, allowing them to handle everything from airtime top-ups to bill pay services for utilities and other service providers, as well as access to insurance and microfinance to support their value chain from 'seed to sale.'
• The firm aims to be Africa’s leading Agri-Fintech company that transforms rural farming communities to connect through our proprietary platform to meet their complete needs from inputs, agronomy, off-take, and a marketplace that delivers sustainable income in an impactful way.
• The company reported $594 billion in revenue in 2020, making it one of the most profitable financial technology companies in Africa, and it is now ready to join other firms that are benefiting from growing investor interest in Africa.