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Techbytes: S’Africa fintech Mission Mobile secures $30.9m for smartphone financing expansion (Africa in Tech)
South African fintech startup Mission Mobile has secured US$30.9 million in growth capital from investment company DN Invest to expand its smartphone financing business and make mobile devices more accessible to consumers across South Africa. Founded in 2023 by brothers Tim and Adam Strike, the…
Picture: Zambia Monitor
South African fintech startup Mission Mobile has secured US$30.9 million in growth capital from investment company DN Invest to expand its smartphone financing business and make mobile devices more accessible to consumers across South Africa.
Founded in 2023 by brothers Tim and Adam Strike, the Johannesburg-based company provides smartphone financing through partnerships with mobile network operators and retailers.
Africa in Tech reported that Mission Mobile’s platform enables customers, particularly prepaid mobile subscribers who may not qualify for traditional contracts, to purchase smartphones through flexible payment arrangements.
The company uses its proprietary Beam technology platform to assess customers’ cash flow and affordability in real time.
The system can approve smartphone purchases in under two minutes and allows mobile network operators and retail partners to offer financing without taking on the associated credit risk, the company said.
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Mission Mobile combines device financing with discounted voice and data packages and loyalty rewards, with its model designed to help mobile operators build longer-term relationships with prepaid customers while improving access to smartphones and connectivity.
The new investment will support product development, customer acquisition and workforce expansion, the company said.
Mission Mobile also plans to strengthen its technology infrastructure and develop additional financial and connectivity products for its network partners.
For DN Invest, the investment forms part of a broader strategy to expand its presence in South Africa’s telecommunications, financial technology and digital services sectors.
The partnership will also give Mission Mobile access to DN Invest’s distribution network and industry relationships as it scales its operations.
The funding marks a further step in Mission Mobile’s plans to expand smartphone access and develop financing solutions for consumers underserved by conventional mobile contracts.
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