M-Kopa Raises $255mn to Fund Expansion
M-Kopa, an African financing platform, has signed a total of $255 million in new debt and equity from Standard Bank and Sumitomo Corporation among others to fund its expansion in Sub-Saharan Africa, M-Kopa said on Monday.
Founded in 2011, M-Kopa started its operations in Kenya and has expanded to Uganda, Nigeria, and Ghana and says it has to date it has helped 3 million customers to access over $1 billion in credit to buy items like smartphones, solar power systems, and health insurance.
M-Kopa said Standard Bank led and arranged $200 million in sustainability-linked debt financing, while Sumitomo had injected $36.5 million in new equity investment. Other participants in the fund-raising included U.K-based investment firm Lightrock, the firm said.
