Cassava Secures $90M Funding to Fuel African Digital Growth

Cassava Technologies is strengthening its efforts to bridge Africa’s digital divide with a significant $90 million equity investment. This funding round, led by the US’s Development Finance Corporation (DFC), Google, and Finnfund, marks a pivotal moment for the company, just five months after it launched its AI unit to enhance digital services across the continent.

The investment will provide Cassava with the resources necessary to expand its operations and continue its mission of improving digital infrastructure in over 30 African markets. Hardy Pemhiwa, CEO of Cassava, described the funding as a “game-changer,” noting that it will help accelerate the company’s plans to deliver transformative digital services in underserved regions.

Cassava’s subsidiary, Liquid Intelligent Technologies, also secured $220 million in refinancing for its South African Rand term loan. Supported by major financial institutions like Standard Bank, Rand Merchant Bank, Nedbank, and the International Finance Corporation (IFC), this refinancing will enable the company to strengthen its services and expand its reach in the region.

In addition to the new funding, Cassava has simplified its operations into an integrated digital platform that offers a range of services, including broadband, cloud computing, cybersecurity, AI, and fintech. This streamlined approach positions the company to provide cutting-edge solutions in Africa and across the Middle East, India, and Latin America.

With Google now onboard as a shareholder and long-time partners such as Econet Group and British International Investment continuing their support, Cassava is well-placed to take its mission global. The combination of fresh funding, AI advancements, and a vision to close the digital gap gives Cassava the momentum it needs to accelerate digital transformation across emerging markets.

Cassava’s Expansion Plan

Cassava’s move to streamline its offerings into a comprehensive digital platform is a strategic step that could reshape the digital landscape in emerging markets. The integration of broadband, cloud, and cybersecurity services ensures that Cassava can provide businesses and consumers with the tools they need for a more connected future.