Key Factors
- Cassava Applied sciences raised $310 million, together with $90 million fairness funding, to drive restructuring, debt refinancing, and world enlargement rooted in Africa.
- $90 million from DFC, Google, and Finnfund backs Cassava’s transformation into an built-in digital options supplier spanning 40 markets worldwide.
- Subsidiary refinances debt with prime banks to boost liquidity and gasoline its regional and world enlargement efforts.
Cassava Applied sciences, owned by Zimbabwean billionaire Try Masiyiwa, has raised $310 million to assist its restructuring and debt refinancing efforts. The transfer strengthens its monetary place and accelerates its enlargement throughout Africa and past.
The funding features a $90 million fairness funding from the U.S. Worldwide Improvement Finance Company, Google, and Finnfund. Cassava stated the capital will assist it place itself as a worldwide know-how chief rooted in Africa.
Restructuring to drive development
The fairness funding aligns with Cassava’s transformation into an integrated digital solutions provider. The corporate provides broadband, knowledge facilities, cloud, cybersecurity, AI, and fintech companies in 40 markets throughout Africa, the Center East, India, and Latin America.
Cassava’s subsidiary, Liquid Clever Applied sciences, secured $220 million in Rand-denominated mortgage refinancing from Customary Financial institution, Rand Service provider Financial institution, Nedbank, and the Worldwide Finance Company. The ability goals to boost liquidity and drive enlargement.
“These milestones validate the imaginative and prescient of our founder and Group Chairman, Try Masiyiwa, and the dedication of our groups,” stated Hardy Pemhiwa, president and group CEO.
Strengthened shareholder base
The most recent funding provides to Cassava’s sturdy investor roster, together with British Worldwide Funding, Public Funding Company, Royal Bafokeng Holdings, and Gateway Capital.
Based by Masiyiwa, who has a net worth of $1.8 billion, Cassava goals to bridge Africa’s digital divide by means of technology-driven options. Current initiatives embrace a partnership with Egypt’s eFinance to speed up digital transformation throughout the continent.
The restructuring and funding mark a pivotal second for Cassava, enabling it to scale operations, deepen its African footprint, and strengthen its position within the world digital financial system.
