Cassava Technologies Secures $310M in Funding and Completes Business Reorganization
Cassava Technologies, a global technology powerhouse of African heritage, has announced three landmark achievements: securing $310 million in funding, successfully refinancing its South African Rand (ZAR) debt, and completing a strategic business reorganization.
The equity funding round of $90 million saw participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. This funding will bolster Cassava’s balance sheet and drive sustainable growth across its integrated digital solutions platform.
Additionally, Cassava refinanced $220 million worth of ZAR loans through partnerships with Standard Bank of South Africa, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC).
Cassava’s reorganization aims to streamline its business into a unified platform delivering broadband connectivity, cloud, AI compute, cybersecurity, and digital payment services in over 30 markets globally.
“This marks a pivotal milestone in our journey to bridge the digital divide across Africa,” said Hardy Pemhiwa, Cassava’s CEO. “The achievements are a testament to our visionary leadership and dedicated teams.”
With high-profile shareholders such as Econet Group, Google, and Afreximbank, Cassava continues to champion digital transformation across continents.
