Kenya’s M-KOPA Secures USD 75 Mn Equity Financing

M-KOPA, an African connected asset financing platform that provides underbanked customers in Africa with essential products including solar lighting, televisions, fridges, smartphones & financial services has raised a USD 75 Mn equity round. The titular “growth equity round” highlighted by M-KOPA in its press statement is its fifth equity round. M-KOPA’s total equity raise stands at USD 190 Mn.

 Generation Investment Management and Broadscale Group led the growth equity round. Previous backers such as the CDC Group and LGT Lightrock also took part in this round alongside LocalGlobe’s Latitude Fund and HEPCO Capital Management.

The company is known chiefly for its pay-as-you-go (PAYG) financing model that allows customers to build ownership of appliances over time by paying an initial deposit followed by flexible micro-payments. It is present in Kenya, Uganda, Nigeria, and Ghana.