Unpacking the unknown

Fuzzy Details Mar Tingo’s Obscure Billion-Dollar Business In Nigeria

By  |  March 16, 2022

The effervescence that filled African tech following the mega Series D round that saw the Nigerian fintech, Flutterwave, become the continent’s highest valued startup at over USD 3 B was palpable.

That euphoria had barely ebbed when another surprise, somewhat strange revelation sneaked into local tech discourse less than a week later - suggesting Flutterwave might have only made second place. That’s because a certain little-known, self-described “agri-fintech company” called Tingo Inc. was, as conveyed in the status-boosting coverage on Bloomberg, in more fantastic shape, apparently.

Not only was it reported that Tingo had amassed a staggering 12 million mostly rural-farmer customers in Nigeria where it does most of its business, but it was also revealed that the strangely obscure business posted a revenue of USD 594 M million in 2020, with EBITDA at USD 212 M.

Rory Bowen, an executive at the company, did mention to WeeTracker that Tingo is on track to hit USD 1 B in revenue...

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