Fintech Insights - Nigerian Fintech Tingo Aiming for $500 Million Funding

In February 2022, Tingo, a Nigerian Fintech focusing on agriculture, was reported to be looking to raise $500 million to expand its services across Africa. According to its CEO, Tingo is raising a combination of debt and equity financing through a private placement. Tingo is also in talks with the New York Stock Exchange to list there in the first half of 2022 with an IPO.

Tingo, which was founded over 20 years ago, leases smartphones to connect agricultural growers to things like access inputs, credit and markets for their produce. The company also provides an eCommerce platform which has generated $4 billion in transactions per year, according to Bloomberg.