Venture Capital: Kenyan Fintech M-Kopa Nabs over $250M In Debt And Equity Funding
The debt funding would enable M-Kopa to double the scale of its business.
Kenyan fintech company M-Kopa has raised over $250 million in debt and equity to support its expansion plans in sub-Saharan Africa. Standard Bank Group, the largest lender in Africa, led the debt-funding round, with participation from other investors such as the International Finance Corp., British International Investment, Mirova SunFunder, and Nithio. Additionally, $55 million was raised through equity investments from Summit Corp., Blue Haven Initiative, Lightrock, Broadscale Group, and others. (Bloomberg)
M-Kopa, founded in 2011, initially focused on selling solar-powered electrical equipment on a pay-as-you-go basis. It has since expanded its offerings to include health insurance and credit for purchases of items like smartphones and electric motorcycles. The company has a customer base of over 3 million people across Kenya, Nigeria, Uganda, and Ghana, and has provided more than $1 billion in cumulative credit.
With the new funding, M-Kopa plans to grow its business in existing markets and conduct pilot operations in South Africa. The company aims to address the underserved market in South Africa, where banking penetration is relatively higher. Initially, M-Kopa will focus on providing smartphones while addressing the country’s power challenges.
Related Story: Solar Energy Provider Sun King Raises $260M
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