Finance

Fintech M-Kopa secures $255 mln, initiates SSA expansion

Fintech M-Kopa secures $255 mln, initiates SSA expansion
Monday, 15 May 2023 17:20

The startup, which claims to have provided $1 billion in credit to about 3 million unbanked customers, is set to expand into South Africa and enter the electric motorcycle financing segment. 

According to a report by Reuters on Monday, May 15, Kenyan financing platform M-Kopa successfully concluded a funding round, raising a total of $255 million in equity and loans. The funds will be utilized to support the company's expansion efforts across Sub-Saharan Africa. Standard Bank, a South African bank, played a leading role in arranging and providing $200 million in debt financing. In 2018, Japanese multinational Sumitomo Corporation invested $5 million in M-Kopa and later contributed an additional $36.5 million in equity financing.

British investment firm Lightrock, the International Finance Corporation (IFC), frontier markets investment bank Lion Head's Group, and British development finance institution British International Investment also participated in the round, according to The Financial Times.  

M-Kopa, founded in 2011, began operations in Kenya before expanding to Uganda, Tanzania, Nigeria, and Ghana. To date, it claims to have provided nearly $1 billion in credit to about 3 million unbanked customers to finance the purchase of products such as smartphones, off-grid solar power systems, and health insurance policies.

The company is preparing for its South African expansion. It also launched pilot projects to finance the acquisition of electronic bikes as part of a strategy to broaden its business in the electric mobility segment.

On the same topic
Mobile microloans reach 897,021 in CEMAC, totaling CFA14.45 billion Growth driven by mobile money expansion, fintech partnerships, automated...
Letshego Africa Holdings, a Botswana-based financial services group listed on the Botswana Stock Exchange, signed agreements with Axian Digital...
First RMBS listing on BRVM backed by NSIA Banque Côte d’Ivoire CFA10 billion securitization aims to expand housing finance Move seeks to deepen...
Holmarcom to acquire BNP Paribas 67% stake in BMCI Deal pending approvals, expected to close Q4 2026 Move strengthens Holmarcom...
Most Read
01

Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...

Two Other African-focused Private Equity Firms to Snap Up assets shed by Global Majors
02

Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...

Tanzania Secures $2.33 Billion in Syndicated Financing for Standard Gauge Railway
03

Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...

Libya Opens Dollar Sales to Ease Pressure on Dinar and Prices
04

Jetour to produce T1, T2 SUVs in South Africa from 2027 Chery to acquire Rosslyn plant, cre...

Chinese Automaker Jetour to assemble SUVs in South Africa from 2027
05

Ecobank named alongside AfDB, ECOWAS, EBID and BOAD in the April 27, 2026 corridor financing mis...

Ecobank's Quiet Inclusion in the AfDB Mission Reshapes the Abidjan-Lagos Corridor Story
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.