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Home Tech News Africa Tech News

M-KOPA raises $250 million to expand consumer fintech across Africa

Modupeoluwa Olalere by Modupeoluwa Olalere
May 18, 2023
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M-KOPA raises $250 million to expand consumer fintech across Africa.
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M-KOPA, a fintech platform, said that it was able to get $250 million in new debt and equity funds to grow its financial services for people in Sub-Saharan Africa who don’t have bank accounts.

This is one of the biggest debt and stock raises in the African tech industry, and it will help M-KOPA keep growing quickly, the company said.

The company wants to grow its smartphone services, take its model to new markets, and increase the range of financed products with the help of this new funding.

In line with M-KOPA and its partners’ long-term commitment to making a positive difference, debt financing is set up to support goals related to sustainability, with a price that depends on meeting environmental and social goals.

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Lendable, an investment platform, was appointed as the borrowing base and sustainability verification agent for the debt transaction. M-KOPA will also use the money to help more women get access to financial services and to reduce greenhouse gas emissions in its East African markets. 

Read also: M-KOPA penetrating Nigeria and Ghana after clocking 2 million customers

It will do this by getting more women to buy smartphones and by improving its electric mobility options.

Jesse Moore, CEO and co-founder of M-KOPA, talked about the round. He said, “At M-KOPA, we work hard to make a positive effect on the environment and society by systematically removing barriers to digital financial services. We’ve already given over 3 million people a total of $1 billion in credit, and we’re proud of the thousands of jobs we’ve created in a tough economy. As we continue to grow, we are still dedicated to building a business that can last and to closing the digital and economic gaps between men and women. We’re happy to have the help of both new and old partners who share our goals and vision.

Standard Bank Group, the biggest bank in Africa and a long-term strategic partner of M-KOPA, led and set up over $200 million in debt financing tied to sustainability. The International Finance Corporation (IFC), funds run by Lion’s Head Global Partners, the Dutch Entrepreneurial Development Bank (FMO), British International Investment, Mirova SunFunder, and Nithio are among the other lenders who are taking part.

Sumitomo Corporation, an existing strategic investor, backed another $55 million in equity investments. The company is adding $36.5 million to the total raise and will work closely with M-KOPA on new growth markets and products. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude, which is Local Globe’s sister fund, also took part in the deal.

 

M-KOPA’s expansion in Africa

M-KOPA started doing business in East Africa. In 2021, they expanded smoothly to Nigeria and, more recently, to Ghana. From 2020 to 2022, M-KOPA’s number of new customers grew at an average rate of 85% per year. The Financial Times recently named M-KOPA one of Africa’s fastest-growing Top 100 companies for two years in a row, in 2022 and 2023. Today’s news comes at the same time as the business hits over 3 million customers and gives over $1 billion in credit to people in Africa who don’t have bank accounts. The company keeps growing quickly and is on track to get a million more customers by the end of 2023.

“As a strategic partner, we’re excited to speed up business growth by working together on business development. Masaki Nakajima, Senior Managing Executive Officer and General Manager of Sumitomo Corporation’s Media & Digital Business Unit, said, “By using each other’s skills and resources, we think this partnership will have a positive effect on both the financial and telecommunications sectors, improving the lives of people across the continent.”

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About M-KOPA

M-Kopa (M for mobile and kopa, which means “borrow” in Swahili) is an African connected asset financing platform that gives underbanked customers in Africa access to important goods like solar lights, TVs, refrigerators, smartphones, and financial services.

M-Kopa went into business in 2012 and has its main office in Nairobi. At the moment, the company is doing business in Kenya, Nigeria, and Uganda.

Moore and Hughes, along with banker Chad Larson, started the company that became M-Kopa in Nairobi in 2010. Hughes set up and ran M-Pesa, a mobile phone-based money transfer, financing, and microfinance service, when he worked at Vodafone. Moore also worked there while getting his MBA. Larson and Moore both went to Oxford University to get their MBAs.

Partners have backed M-Kopa. Safaricom and M-Kopa both help with mobile money and services that add value. Brands and producers are working together to help customers get into new markets, get money, and reach the last mile. Mastercard and the “challenger banks” are aware of the platform’s potential to change both online and in-person banking.

Tags: AfricaM-KOPA
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

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