Tingo Group (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, is reporting on its fiscal year ending Dec. 31, 2022. According to the report, the November 2022 acquisition of 100% of Tingo Mobile made the company significantly profitable starting in December; the integration of the acquisition “saw a significant acceleration in growth of the combined group during Q4 2022, with the signing of major new trade partnerships, international sxpansion and launch of several significant new products and businesses,” the company reported. Financial results for the company include cash balances on Dec. 31, 2022, of $500.3 million and net revenues of $146 million, compared to $55.7 million in 2021. In addition, Tingo Mobile reported an increase of customer numbers on its Nwassa Agri Fintech platform from 9.3 million in September 2022 to 11.4 million on Dec. 31, 2022; the company also handled more than $1 billion of customer transactions in the month of December. Tingo also entered a major trade partnership with the All Farmers Association of Nigeria, launched operations in Ghana and signed a landmark trade deal with the Kingdom of Ashanti during the quarter. “The completion of the merger on November 30, 2022, represented a major milestone in the history of Tingo Mobile, which my father and I founded some 22 years ago,” said Tingo Mobile and Tingo Foods founder and CEO Dozy Mmobuosi in the press release. “We are already seeing the benefits of the synergies in the group, and of being part of a NASDAQ-listed company, and our shareholders will have noted the considerable progress we have made since the fourth quarter of 2022, with the acceleration of our growth plans and globalization and dollarization strategies. We are particularly excited about the completion of the virtuous circle of our agri-fintech ecosystem, where we can now deliver on, and profit from, every part of the journey from seed to sale.”
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About Tingo Group Inc.
Tingo Group is a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device as a service” smartphone and preloaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing the farmers with access to services including, among others, the Nwassa seed-to-sale marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130-plus offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information, visit the company’s website at www.TingoGroup.com.
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