M-KOPA Raises $75 Million as It Clocks 2 Million Customers Across Four African Markets
A 2019 World Bank report says 85% of Africans live on less than $5.50 per day. A large percentage of these adults are unbanked and underbanked; thus, they don’t have access to credit and can’t afford important purchases outright.
M-KOPA’s financing platform has proved helpful to this set of users since launching as an energy provider in 2011. The company, which enables underbanked customers in select African markets to access a broad range of products and services without collateral or a guarantor, announced today that it has raised $75 million.
The titular “growth equity round” highlighted by M-KOPA in its press statement is its fifth equity round (it has raised similar rounds of debt, too). M-KOPA’s total equity raise stands at $190 million.
Photo courtesy of USAID Digital Development.