Nigerian fintech, Tingo valued at over $6 billion on U.S. OTC seeks new $500 million funding

Nigerian fintech, Tingo valued at over $6 billion on U.S. OTC seeks new $500 million funding

All about Tingo: Tingo is an Agri-Fintech company that uses smartphones (GSM technology) to power a marketplace that allows subscribers/farmers in and out of the agricultural sector to manage their commercial activities of growing and selling their products to market participants both domestically and internationally.

Tingo aspires to be Africa's premier Agri-Fintech firm, connecting rural farming communities through our patented platform to address their full range of needs, including inputs, agronomy, offtake, and a marketplace that generates a sustainable income.

Tingo is a corporation that focuses on agriculture. It was formed in Nigeria more than two decades ago. The company serves roughly 12 million consumers, the majority of whom are rural farmers, in villages across the country.

Tingo had revenue of $594 million in 2020, making it one of Africa's most valuable fintech companies, and it is now prepared to join the ranks of newer firms that are profiting from increased investor interest in Africa.

Farmers and others outside the agricultural industry can rent mobile devices and use an eCommerce platform to handle their business activities of cultivating and selling their produce to market, according to the company.

Leases, commissions, and fees from the company's other services also bring in money. Tingo currently handles around $4 billion in transactions every year.

Where Tingo is at right now:

Tingo, a Nigeria-based financial technology startup, is looking to raise $500 million in order to grow across other African countries.

According to Bloomberg, the company's Chief Executive Officer, Dozy Mmobousi, said this during an interview session.

The company, which is valued at $6.3 billion and focuses on agriculture, will raise the funds through a private placement and intends to float on the New York Stock Exchange in the first half of the year.

In addition, the corporation plans to invest $100 million in a fund that will help largely women farmers get more loans. It also intends to grow to at least 19 African countries through a series of acquisitions over the following three years.

"We plan to acquire firms and expand infrastructure that will enable us become a pan-African business, giving the same services we deliver in Nigeria in many other countries," Dozy Mmuobosi said of the company's future plans.

The corporation also wants to be a worldwide player, as seen by its efforts to be listed on the New York Stock Exchange. "We are working closely with the exchange," the Chief Executive Officer said. "We believe the outcome will be beneficial."