Kenya-headquartered African fintech M-Kopa is reported to have secured $200 million in debt financing and an additional $55 million in equity funding. Financial services group Standard Bank Group led the debt financing round while the investment company Sumitomo Corporation led the equity round with an investment of $36.5 million.
Expanding M-Kopa’s Smartphone Service Business
M-Kopa, an African fintech startup focused on asset financing, has reportedly secured $200 million in debt financing and an additional $55 million in equity funding. According to a Fintech Futures report, Standard Bank Group led the debt financing round which was also backed by the International Finance Corporation (IFC). The other participants in this round include British International Investment, Mirova Sunfunder, and Nithio as well as the funds that are managed by Lion’s Head Global Partners.
On the other hand, M-Kopa’s equity funding round was led by one of its existing backers Sumitomo Corporation which invested $36.5 million. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude were the other participants in the round.
According to the report, M-Kopa will use the latest funding to increase its offerings as well as to grow its smartphone services. The fintech startup’s co-founder and CEO Jesse Moore is quoted in the report stating that his company’s mission is to address and overcome the barriers that block access to digital financial services.
“We have already unlocked $1 billion in cumulative credit to over three million customers, and are proud of the thousands of local jobs we’ve created during tough economic times. As we continue to scale we remain committed to building a sustainable business and closing economic and digital gender gaps,” Moore reportedly said.
Besides using the recently acquired capital to boost its business, M-Kopa will also seek to boost financial inclusion among women and reduce greenhouse gas emissions in East Africa, the report said.
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