Afridigest Week in Review: The trouble with Tingo
The Nigerian agrifintech claims it has 12M customers & made ~$400M in gross profits on $850M+ in total revenue last quarter. But is it an 'exceptionally obvious scam?'
This Afridigest Week in Review is a recap of what happened across Africa's tech ecosystem for Africa-focused founders, executives, and investors.
Welcome back, old & new friends 👋🏽! And happy Democracy day to readers in Nigeria. ICYMI, the first Intelligence Brief email came out last Wednesday & feedback is still very much welcome. (The correct answer to the pop quiz is A. 70-80 million by the way. 73.4M to be exact.)
📌 Expect to receive the Curated Content email this week, and we’ll continue to experiment a bit over the next few weeks.
Reminder: On June 22nd, subscription prices will go up — subscribe to get grandfathered in before then.
If you’re new here: welcome — this Week in Review is sent on Mondays, the Fintech Review goes out on Sundays, and an original essay occasionally goes out on Saturdays. And as mentioned above, we’re changing things up a bit this month. For past essays and digests, visit the archive & Afridigest.com. And with that said, let’s get into it!
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Week 23 2023: June 4-10
🔦 Equity & Debt Fundraises
If you’d like us to know about a fundraise, please submit it here:
🤝🏽 Mergers & AcquisitionsDubai-headquartered, London Stock Exchange-listed Network International, the largest payment processing firm across the Middle East & Africa (and the parent company of African payments service provider DPO Group), accepted a cash buyout offer from Canada's Brookfield Asset Management for $2.76B. The company’s Board of Directors intends to unanimously recommend that shareholders vote for the deal; Network International acquired DPO Group in Week 31 2020.