M-Kopa has closed over $250m in new debt and equity funding
IN BRIEF:
- New funding will expand its financial services offering to underbanked consumers across Sub-Saharan Africa
- $200m+ in sustainability-linked debt financing was led by Standard Bank Group, supported by The International Finance Corporation (IFC) and funds managed by Lion’s Head Global Partners, FMO, Dutch Entrepreneurial Development Bank, British International Investment, Mirova, SunFunder and Nithio
- $55m in equity investment was provided by Japan's Sumitomo Corporation, alongside Blue Haven Initiative, Lightrock, Broadscale Group and Latitude
What does this mean?
Between 2020 to 2022, M-Kopa recorded a compound annual growth rate of 85% in new customer acquisition. They now have over 3m customers and have provided over $1bn in credit for underbanked customers in Africa. With this new funding the company is on track to acquire an additional 1m customers throughout 2023.
