Mission Mobile has secured R500 million in funding from South African investment holding company DN Invest (DNI), as the mobile technology start-up prepares to scale its work with mobile network operators (MNOs).
The Johannesburg-based company says it secured the funding from DNI’s own resources and ring-fenced debt facilities. Mission Mobile says the backing will enable it to extend its customer reach and develop additional propositions for network operators.
Founded in 2023 by Johannesburg-born brothers Tim and Adam Strike, Mission Mobile works with MNOs to help them serve a broader range of customers, including consumers who conventional mobile and financial offerings may overlook.
Tim Strike, who is also CEO of Mission Mobile, says more than 80% of SA’s mobile connections remain prepaid, creating challenges for operators seeking to build longer-term customer relationships.
"With more than 80% of South Africa's mobile connections still on prepaid, a traditional contract remains out of reach for many,” notes Tim Strike.
“Customers are often spread across multiple SIMs, with little commitment to any one network. That erodes the value of customer relationships for local network providers. It also lessens the purchasing power of their customers and compromises their ability to stay connected."
Targeting access gap
The newly secured funding gives Mission Mobile capital to expand a model aimed at addressing both the needs of mobile operators and consumers struggling to access smartphones and connectivity, notes the company.
At the centre of Mission Mobile’s model is Beam, its proprietary technology platform, which interprets how consumers earn and spend to identify customers who could be suitable for smartphone offers.
The company says the approach is intended to identify consumers who may be overlooked by traditional financial assessments but could nevertheless be suitable for smartphone financing.
Mission Mobile has since developed the technology into a model delivered through MNO retail outlets, covering both postpaid and prepaid customers.
In the postpaid market, the model provides smartphone access to customers who may otherwise be overlooked. For prepaid users, the firm’s DataBack Device proposition combines smartphone access with data and connectivity benefits.
“Our technology helps us connect customers with smartphone offers that suit their needs and give them more value from their mobile spend,” commented Tim Strike. “This enables network providers to serve people who might previously have been out of reach, while helping customers stay connected and active on the same SIM. Ultimately, this creates more predictable engagement, stronger loyalty and greater long-term value for networks and their customers.”
Linking devices and data
Mission Mobile says its relationships with network operators give it access to preferential rates on selected data bundles, allowing it to pass savings on to customers.
The company operates the model end to end, with capabilities spanning customer on boarding, device delivery, payments, data fulfilment and customer service.
This structure also allows Mission Mobile to develop propositions for individual network operators rather than applying a single model across its MNO partners.
DNI says its investment in Mission Mobile forms part of its focus on connectivity, financial inclusion and digital services.
Mick Silke, CEO of financial services business at DNI, says the investment is aimed at supporting the company’s founders as they expand the model.
"DNI invests in the people behind the businesses," says Silke. "Tim, Adam and their team recognised an opportunity to help mobile network operators serve millions more people and built the technology to make that possible. The commercial opportunity is considerable, but so is the potential impact on people's lives—greater value from their hard-earned money and the ability to stay connected. Businesses that can achieve both are rare, and they are exactly the ones we look to support."
DNI is a privately owned South African investment holding company with investments across technology, telecommunications and fintech businesses. The company has a presence in more than 35 countries and consolidated revenue exceeding R12 billion a year.
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