MICT, a US-based, publicly traded provider of financial and technology services in Eurasia and the US, recently closed its purchase of Tingo, a US-based provider of technology services to farmers in Africa. Meanwhile, Tingo has expanded its operations into Ghana and Malawi. The firm’s services include access to pricing and markets – domestic and international – as well as an escrow service that holds payments for goods until delivery is complete. Tingo serves 9.3 million farmers with the goal of “social upliftment.”
MICT’s other subsidiaries provide: (1) mobile technology products to businesses, largely in Europe and the US; and (2) insurance and investment services, largely to individuals in China. For the quarter ending September 2022, the firm recorded USD 14 million in revenue and a loss of USD 8.1 million, resulting in total assets of USD 144 million.
Sources and Additional Resources
MICT press release on Tingo acquisition
https://investors.mict-inc.com/news/news-details/2022/MICT-Completes-Acquisition-of-Operating-Business-and-Assets-of-Tingo-Inc/default.aspx
MICT press release on Ghana expansion
https://investors.mict-inc.com/news/news-details/2022/MICTs-Merger-Target-Tingo-Mobile-Launches-Operations-in-Ghana-and-Signs-Landmark-Trade-Deal-with-the-Kingdom-of-Ashanti-Covering-Major-Agricultural-and-Cocoa-Farming-Region/default.aspx
MICT press release on Malawi expansion
https://investors.mict-inc.com/news/news-details/2022/MICTs-Subsidiary-Tingo-Mobile-Establishes-Strategic-Presence-in-Malawi-and-East-Africa-Representing-an-Important-Market-for-its-Agri-FinTech-and-FinTech-Products/default.aspx
Tingo homepage
https://tingoinc.com
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