African fintech firm M-Kopa has secured $200 million in sustainability-linked debt financing and $55 million in equity funding. The debt financing was led by Standard Bank Group, with participation from other lenders, while the equity funding round was led by Sumitomo Corporation.
Facts
- M-Kopa has secured $200 million in sustainability-linked debt financing and $55 million in equity funding.
- The debt financing was led by Standard Bank Group, with participation from lenders including The International Finance Corporation (IFC), Lion’s Head Global Partners, FMO, British International Investment, Mirova SunFunder, and Nithio.
- The equity funding round was led by Sumitomo Corporation, with contributions from Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude.
- M-Kopa, founded in 2011, provides digital financial services to underbanked consumers in Kenya, Uganda, Nigeria, and Ghana. They offer flexible credit for purchasing smartphones, solar power systems, digital loans, and health insurance through micro-installments.
- M-Kopa plans to use the funding to expand its smartphone services, enter new markets, increase its product offerings, and promote financial inclusion among women while reducing greenhouse gas emissions in East Africa.
- The sustainability-linked debt financing is structured to help M-Kopa achieve its environmental and social targets.
- CEO Jesse Moore aims to address barriers to digital financial services, having already unlocked $1 billion in cumulative credit for over three million customers and created numerous local jobs.
