MICT completes acquisition of African agri-fintech firm Tingo
Financial services firm MICT has completed its acquisition of “100% of the operating business and assets” of African agri-fintech Tingo following its purchase of Tingo Mobile.
MICT completes acquisition of Tingo
MICT says Tingo Mobile is already “highly profitable and growing strongly” having secured a number of substantial trade deals which are expected to result “in a more than tripling of current customer numbers” and boost its global expansion plans.
The consolidation of Tingo Mobile’s balance sheet into MICT amounted to $247 million as of 30 September 2022 and its total assets amounted to $1.51 billion. Tingo Mobile has annual revenues of around $1.2 billion and a net income before tax run rate approaching $650 million.
Darren Mercer, CEO of MICT, says: “The completion of this acquisition markedly strengthens our balance sheet and makes us immediately significantly profitable.”
Dozy Mmobuosi, founder of Tingo Mobile, adds: “With sizeable new opportunities in both Africa and Southeast Asia already well advanced, being part of the MICT group strengthens the infrastructure and framework to support such rapid global expansion.”
Tingo Mobile’s “device as a service” model allows its 9.3 million rural farming customers in Africa to access applications enabling them to trade, buy top ups, pay bills and access insurance and lending services.
MICT provides a suite of consumer fintech services across 130 cities in China, offering insurance in B2B, B2B2C and B2C markets, and financial services in B2C markets.
