SA-Based Yellow Raises Series C Funding To Expand PAYG Asset Financing

African asset financing fintech Yellow has raised a Series C round led by Convergence Partners, its early investor, to expand access to smartphones and off-grid solar energy systems across Africa.

Founded in 2018 by Mike Heynik and Adam Molinas, the South Africa-based company provides asset-backed, pay-as-you-go financing for essential digital and energy products. Yellow currently operates in Malawi, Zambia, Uganda, Rwanda, Madagascar, the Democratic Republic of Congo, and Nigeria, and has surpassed one million customers.

The new funding will support expansion across its existing markets as the company pursues its 2030 goal of reaching 10 million customers with access to electricity and internet connectivity. The Series C builds on Convergence Partners’ previous backing and reinforces its long-term commitment to Yellow’s financing model.