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Yellow, an asset financier for solar energy and digital devices in Africa has raised USD 14 M series B funding in a round led by Convergence Partners with participation from the Energy Entrepreneurs Growth Fund, managed by Triple Jump, in addition to follow-on investment from Platform Investment Partners. Following the new funding, Yellow plans to deepen its reach in its current markets Malawi, Rwanda, Uganda, Zambia, and Madagascar, launch digital and financial products in near-term, and prepare for future debt funding rounds to ramp up its growth.
Yellow distributes solar home systems that provide rural households with access to electricity in this East African country. The company allows pay-per-use of its solar home systems via the mobile payment solutions available in Malawi. It also offers its customers credit by selling its products on a pay-as-you-go (PAYGO) basis. The startup says its network of 1100 agents, who source and make applications for the asset finance on behalf of customers through its proprietary Ofeefee app, have enabled it to penetrate and reach over 400,000 customers in its five markets.