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Tuesday, September 27, 2022

Unknown Nigeria firm, Tingo valued at over $6 billion wants fresh 500million dollars

Tingo, an unknown 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.

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n 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.”

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.”

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