M-KOPA, a major fintech platform, recently announced that it had successfully raised more than $250 million in fresh debt and equity capital to increase its reach among underbanked customers in Sub-Saharan Africa.
Standard Bank Group took the lead in raising the funds.
The International Finance Corporation (IFC), funds managed by Lion’s Head Global Partners, FMO: Dutch Entrepreneurial Development Bank, British International Investment, Mirova SunFunder, and Nithio are some of the additional lenders that are taking part.
Sumitomo Corporation, an existing investor, together with Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude took part in the round as well.
After launching in East Africa, M-KOPA has found great success in expanding to Nigeria in 2021 and Ghana more recently.
Customers can access useful assets thanks to M-KOPA’s fintech platform, which combines the Internet of Things (IoT) and the power of digital micropayments.
With a minimal down payment and rapid access to items like smartphones, electric motorcycles, and solar power systems thanks to M-KOPA’s flexible credit model, customers can advance to digital financial services like loans and health insurance.
Through a distinctive direct sales technique that employs more than 10,000 agents, the company has sold more than 3 million of its products.
“At M-KOPA, we are working hard to create a positive environmental and social impact by systematically addressing the barriers to digital financial services,” said M-KOPA CEO and Co-Founder. We are proud of the thousands of local jobs we created during tough economic times, and we have already unlocked $1bn in cumulative credit to over 3 million customers.
The funding will allow the company to broaden its smartphone service offerings, enter new markets, and increase the variety of products for which it offers financing.
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Workpay, a Kenyan HR-payroll firm, raises $2.7 million in pre-Series A funding
Balad, a fintech startup in Egypt, has secured a pre-seed funding
