Grace Ashiru
South African fintech startup Mission Mobile has secured $30.9 million (R500 million) in growth capital from investment company DN Invest (DNI) to expand its smartphone financing services 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. Its platform enables customers, particularly prepaid mobile subscribers who may not qualify for traditional contracts, to purchase smartphones through flexible payment arrangements.
Mission Mobile uses its proprietary technology platform, Beam, to assess customers’ cash flow and affordability in real time. The system can approve smartphone purchases in under two minutes while allowing mobile network operators and retail partners to offer financing without taking on the associated credit risk.
The company combines device financing with discounted voice and data packages and loyalty rewards. Its approach is designed to help mobile operators build longer-lasting relationships with prepaid customers while making smartphones and connectivity more affordable.
The new investment will support Mission Mobile’s product development, customer acquisition and workforce expansion. The company plans to strengthen its technology infrastructure and develop additional financial and connectivity products for its network partners.
For DNI, 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 give Mission Mobile access to DNI’s established distribution network and industry relationships as it scales its operations.
The funding represents a significant step in Mission Mobile’s plans to expand smartphone access and develop financing solutions for consumers underserved by conventional mobile contracts.
Sources: African-Startups ; Mission Mobile company announcement .
