Cassava Technologies, the pan-African technology company, has secured $310 million in funding to bolster its digital infrastructure and services across the continent. The investment includes $90 million in equity from the US International Development Finance Corporation (DFC), Google, and the Finnish Fund for Industrial Cooperation (Finnfund), alongside a $220 million debt refinancing agreement for one of its businesses, Liquid Intelligent Technologies.
The funding round, announced on Tuesday, aims to solidify Cassava’s position as a leading technology player in Africa. The company, which operates in more than 30 African countries, provides broadband connectivity, data centres, cloud computing, cybersecurity, and fintech services to enterprise and hyperscale customers.
The $90 million equity investment comes as sub-Saharan Africa grapples with a widening digital divide and underinvestment in infrastructure, despite being one of the world’s fastest-growing regions for internet demand. Cassava’s platform addresses this demand through an extensive network that spans over 110,000 kilometres of fibre and interconnected data centres across the continent.
Scott Nathan, CEO of the DFC, underscored the strategic importance of the investment. “DFC is committed to expanding digital infrastructure to connect local communities to the world and unlock economic potential. Our investment in Cassava Technologies is a premier example of this effort,” he said. “We are proud to partner with Cassava, Google, and Finnfund to help bridge the digital divide in Africa.”
Finnfund’s CEO, Jaakko Kangasniemi, emphasised the investment’s potential for widespread economic impact. “Improved and more reliable internet access enabled by Cassava’s platform will contribute to digital and financial inclusion for micro, small, and medium-sized enterprises,” he said. Kangasniemi also noted that the investment is supported by the European Union through the European Fund for Sustainable Development Plus (EFSD+), part of the EU’s Global Gateway initiative.
Hardy Pemhiwa, President and Group CEO of Cassava Technologies, welcomed the backing of its global partners. “The investment by DFC, Google, and Finnfund validates our vision of becoming the leading digital solutions provider in our chosen markets. It further cements our position as the largest technology company in Africa,” Pemhiwa said.
In addition to the equity investment, Liquid Intelligent Technologies, one of Cassava’s key business units, has signed a $220 million debt refinancing deal. The agreement, facilitated by Standard Bank Group, Rand Merchant Bank (RMB), Nedbank, and the International Finance Corporation (IFC), is expected to strengthen Cassava’s balance sheet and provide the liquidity needed for future expansion.
Liquid Intelligent Technologies operates one of Africa’s largest independent fibre networks and delivers connectivity to businesses and governments. The refinancing will help scale its operations further as part of Cassava’s broader repositioning into an integrated digital solutions platform.
The funding arrives as demand for digital infrastructure grows across Africa, driven by increasing internet adoption, rising enterprise needs, and the proliferation of cloud-based services. However, the continent remains significantly underserved. According to industry estimates, over 60% of Africans still lack internet access, and key sectors, including education, healthcare, and financial services, face persistent connectivity gaps.
Cassava’s expansion aims to address these challenges by rolling out broadband infrastructure, co-location services through data centres, and fintech solutions that facilitate digital inclusion. The company’s portfolio of businesses, which includes Liquid Intelligent Technologies, Africa Data Centres, and Sasai Fintech, is positioned to deliver comprehensive digital services to African markets.
The new funding reflects growing investor interest in Africa’s technology infrastructure. With Google and Finnfund joining a roster of shareholders that includes British International Investment (BII), Public Investment Corporation, Royal Bafokeng Holdings, Gateway Partners, and African Export-Import Bank (Afreximbank), Cassava is increasingly seen as a vehicle for driving digital transformation on the continent.
Founded by Zimbabwean entrepreneur Strive Masiyiwa, Cassava Technologies has set its sights on creating a “digitally connected future” for Africa. The company’s integrated approach combines physical infrastructure with services such as AI computing, cloud solutions, and fintech to address both enterprise and consumer needs.
The latest investment will enable Cassava to scale its operations and accelerate its rollout of critical digital infrastructure, with implications for economic development across multiple sectors. Analysts say this could foster broader economic growth by supporting businesses, enhancing education delivery, and driving financial inclusion for underserved populations.
As Africa’s digital economy continues to gain momentum, investments like those made by DFC, Google, and Finnfund into Cassava Technologies highlight a growing recognition of the region’s potential to leapfrog into the digital age. For now, Cassava remains at the forefront of this effort, offering a foundation for Africa’s digital transformation.
Cassava Technologies, founded by Strive Masiyiwa, operates as a leading technology company of African heritage. Through its business units, including Liquid Intelligent Technologies, Africa Data Centres, and Sasai Fintech, the company delivers digital infrastructure and services across Africa, the Middle East, and beyond.