Nigeria’s fintech company seeks $500m to expand across Africa

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3 years ago

A leading financial technology company, Tingo Inc, has unfolded plans to raise $500million in a bid to expand across Africa.

The firm which is currently regarded as the most valued fintec company in Nigeria is valued at about $6.3 billion over the US counter with thriving businesses in Nigeria.

The Company’s 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.

According to him, the firm has succeeded in selling about 30 million mobile devices with 9 million subscribers through its Nwassa platform.

Mmobuosi explained that the acquisition would include commodities firm and a fintech company.

From this new financing, he said Tingo intends to commit $100million to a fund that will increase credit mostly to female farmers across 19 African countries within the next 3years.

He added 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.

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