M-KOPA Solar has raised $75 million in its Growth Equity round. Investors who took part in the funding round include Generation Investment Management, Broadscale Group, LocalGlobe’s Latitude Fund, HEPCO Capital Management, CDC Group, and LGT Lightrock. This the company’s fifth funding round which now brings the company’s total equity funding to $190 million.
Founded in 2011, MKOPA is a fintech platform that provides connected financing and digital financial services to underbanked consumers by leveraging data to combine digital micropayments with the Internet of Things [IoT] technology. With operations in Kenya, Uganda, Nigeria and Ghana, M-KOPA’s platform has provided over $600 million in financing that has enabled 2 million customers to access smartphones, solar lighting, solar-powered appliances and digital financial services such as cash loans and health insurance.
The company has indicated that it will use the funding to expand into additional countries, adding to its hubs in Kenya, Uganda, Nigeria and recently launched Ghana, to further scale its footprint across the continent. The company will also continue expanding its flexible daily and weekly payments model to go beyond asset financing, by scaling its financial services products such as health insurance, cash loans and BNPL merchant partnerships.