Cassava Technologies Secures USD 310 Million in Funding and Reorganises for Digital Expansion

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Cassava Technologies, a global leader in technology with proud African heritage, has achieved three major milestones that are set to transform its future. The company recently completed an equity investment round, finalised its South African Rand (ZAR) debt refinancing, and concluded a comprehensive legal reorganisation—all of which position Cassava for robust, sustained growth with a strong balance sheet.

Cassava has secured a USD 90 million equity injection, with strategic backing from the U.S. International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund) and Google LLC. This capital boost is a pivotal element of the company’s plan to reinforce its financial foundation and drive sustainable, profitable expansion. The successful conclusion of this round coincides with the company’s internal reorganisation, which has culminated in an integrated digital solutions platform. This new platform provides services including broadband connectivity, co-location (data centres), cloud computing, cybersecurity, artificial intelligence (compute) and payment solutions across more than 30 markets spanning Africa, the Middle East, India and Latin America.

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In tandem with these developments, Liquid Intelligent Technologies—a key business unit of Cassava—has secured new refinancing facilities for its South African Rand term loan. The new arrangements, equivalent to USD 220 million, are provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa and the International Finance Corporation (IFC). These initiatives are expected to further consolidate Cassava’s financial stability and fuel the expansion of its digital infrastructure.

“We are excited to announce these significant achievements which not only strengthen our financial position but also affirm the vision of our founder and Group Chairman, Strive Masiyiwa,” commented Hardy Pemhiwa, President and Group CEO of Cassava. “This is more than just an injection of capital; it is a transformative milestone that will unlock immense value and accelerate the expansion of our digital services, ultimately helping us bridge the digital divide across the continent.”

Alongside the new equity and refinancing arrangements, Cassava’s esteemed roster of shareholders now includes Econet Group, British International Investment (BII), the Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Afreximbank (FEDA) and Gateway Capital. With a robust portfolio that comprises Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech, the company is well-placed to realise its vision of a digitally connected future that leaves no African behind.

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