African digital credit company M-Kopa signs US$255 million in new funding
Founded in 2011, M-Kopa started its operations in Kenya and has expanded to Uganda, Nigeria and Ghana
African financing platform M-Kopa has signed a total of US$255 million in new debt and equity from Standard Bank and Sumitomo Corporation among others to fund its expansion in Sub-Saharan Africa, the firm said on Monday.
Founded in 2011, M-Kopa started its operations in Kenya and has expanded to Uganda, Nigeria and Ghana.
The firm says it has to date helped three million customers to access over US$1 billion in credit to buy items like smart phones, solar power systems and health insurance.
M-Kopa said Standard Bank (SBKJ.J) led and arranged US$200 million in sustainability-linked debt financing, while Sumitomo (8053.T) had injected US$36.5 million in new equity investment.
Other participants in the fund-raising included UK-based investment firm Lightrock, the firm said.
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