Cassava Technologies (Cassava), backed by billionaire Strive Masiyiwa, has achieved three major milestones that position it for robust growth and further solidify its status as a global technology leader of African heritage. These milestones include a substantial equity injection, the successful refinancing of its South African Rand (ZAR) debt, and the completion of a comprehensive legal reorganization.
Cassava successfully closed an equity investment round of $90 million, with participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google. This funding forms a crucial part of Cassava’s strategy to bolster its balance sheet, ensure sustainable profitable growth, and drive its mission of delivering transformative digital solutions across its markets.
The equity investment aligns with Cassava’s strategic reorganization to establish a fully integrated digital solutions platform. This platform offers a comprehensive suite of services, including Broadband Connectivity, Co-location (data centres), Cloud, Cybersecurity, Compute (AI), and Payment services across more than 30 markets spanning Africa, the Middle East, India, and Latin America.
In addition to the equity round, Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, successfully refinanced its South African Rand term loan on a multi-tenor basis. The new facilities, equivalent to $220 million, were arranged through partnerships with leading financial institutions including Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).
“We are excited to announce these significant achievements, which collectively strengthen our financial position and are a powerful testament to the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication and commitment of our teams across the Group,” said Hardy Pemhiwa, President and Group CEO of Cassava.
“The closing of this equity round, completion of our ZAR debt refinancing, and reorganization represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyze the further expansion of our digital infrastructure and services to bridge the digital divide on the continent.”
With the inclusion of DFC, Google LLC, and Finnfund as investors, Cassava now boasts an impressive roster of shareholders. These include Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa Export-Import Bank (Afreximbank/FEDA), and Gateway Capital.
Cassava Technologies has built a robust portfolio of business units, including Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech. Each of these units is a leader in its respective sector, collectively enabling the Group to advance its vision of a digitally connected future that leaves no African behind.
Econet, which is owned by billionaire and philanthropist Strive Masiyiwa, has created Cassava Technologies, a parent company that will house its cloud and cybersecurity, FinTech, digital services and infrastructure activities including broadband networks, data centres, and renewable energy.
The pan-African telecoms group said Cassava Technologies aims to empower individuals and businesses in Africa through digital solutions which drive the vision of a digitally connected future that leaves no African behind.
The London-headquartered firm, which will be led by CEO Hardy Pemhiwa, will act as the parent company of Econet brands including Liquid Intelligent Technologies, Africa Data Centres, Liquid Cloud, Sasai Fintech, Vaya Technologies, and Distributed Power Technologies.
Econet says Cassava Technologies is backed by significant investment and extensive collaboration with some of the world’s largest technology businesses and institutional investors interested in Africa’s nascent but rapidly growing digital economy.
The company claims Cassava Technologies, headquartered in London, “is Africa’s first integrated tech player of continental scale at the forefront of technology innovation, with operations and activities in most African countries.
” Its product segments provide digital solutions to over 1 million enterprises and enable access to the internet for over 500 million people. Its Sasai Super App is projected to provide access to fintech services for over 75 million customers across Africa by 2025.”
