Cassava Technologies Gains $90 Million Boost in $310 Million Funding Package

Hardy Pemhiwa, Cassava President & CEO

Cassava Technologies, a leading digital infrastructure provider in Africa, has secured a $90 million equity investment from the US International Development Finance Corporation (DFC), FinnFund, and Google. The funding will strengthen the company’s balance sheet and support sustainable growth as part of a larger $310 million package.

The investment package includes the completion of Cassava’s South African Rand (ZAR) debt financing and a legal reorganisation to establish an integrated digital solutions platform. The platform offers broadband connectivity, cloud services, data centres, cybersecurity, AI solutions, and payment services across over 30 markets in Africa, the Middle East, India, and Latin America.

Cassava’s business units, including Liquid Intelligent Technologies, Africa Data Centres, and Sasai Fintech, are market leaders in their fields. Liquid Intelligent Technologies also secured $220 million in ZAR multi-tenor facilities to refinance its term loan, backed by Standard Bank, Rand Merchant Bank, Nedbank, and the IFC.

CEO Hardy Pemhiwa described these developments as transformative, positioning Cassava to expand its digital infrastructure and bridge Africa’s digital divide. He praised the vision of founder Strive Masiyiwa and the dedication of the company’s teams.

Source: CIO Africa