Cassava Technologies, a global leader in digital solutions with African roots, has reached a series of transformative milestones. Backed by billionaire Strive Masiyiwa, the company has secured an impressive R5.5 billion, successfully refinanced its South African debt, and completed a comprehensive legal reorganisation. These developments mark a pivotal chapter in Cassava’s mission to deliver innovative technology solutions and bridge the digital divide across Africa and beyond.
R5.5 Billion Funding Boost
Cassava closed an equity investment round worth R1.65 billion (approximately $90
R1,629.84 million), attracting prominent international investors such as the U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google. This capital injection will strengthen the company’s balance sheet, ensuring sustainable growth and enabling the expansion of its digital services portfolio.
Hardy Pemhiwa, President and Group CEO of Cassava Technologies, emphasised the significance of this achievement:
“The closing of this equity round, ZAR debt refinancing, and reorganisation represent a pivotal milestone. This positions us to expand our digital infrastructure and services to bridge the digital divide on the continent.”
Debt Refinancing Success
Cassava’s subsidiary, Liquid Intelligent Technologies, secured new facilities equivalent to R4 billion (approximately $220
R3,984.06 million). These funds were arranged through collaborations with prominent financial institutions, including Standard Bank, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC). This refinancing enhances the company’s financial flexibility and sets the stage for future expansion.
Integrated Digital Solutions Platform
Cassava has restructured its operations to form a fully integrated digital solutions platform. The company’s services span broadband connectivity, data centres, cloud solutions, cybersecurity, AI-driven compute, and fintech payment solutions. This platform now serves over 30 markets, including Africa, the Middle East, India, and Latin America.
Strong Shareholder Base
The equity round has expanded Cassava’s shareholder base, which already includes influential entities like Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), and Africa Export-Import Bank.
Notably, Cassava’s business units—Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech—are leaders in their respective fields. This diverse portfolio is crucial to achieving the company’s vision of a digitally connected future for Africa.
Empowering Africa’s Digital Future
Econet Group, founded by Masiyiwa, established Cassava Technologies to house its digital infrastructure and services. The London-headquartered company is Africa’s first integrated technology provider operating at a continental scale. With extensive collaboration from global tech giants, it aims to connect over 500 million people to the internet and provide fintech services to 75 million users via its Sasai Super App by 2025.
Cassava Technologies is a beacon of African innovation, working tirelessly to empower businesses and individuals through digital solutions. With these latest milestones, the company has further cemented its position as a transformative force in the global tech ecosystem.
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