African asset financing platform M-Kopa has raised $75 million in a growth equity funding round, taking its total capital raised to $190 million.
M-Kopa claims it has more than doubled its customer base in 2021
The round was led by Generation Investment Management and Broadscale Group, with participation from LocalGlobe’s Latitude Fund and HEPCO Capital Management.
Founded in 2011, M-Kopa is an asset financing platform that provides underbanked customers in Africa with essential products including solar lighting, televisions, fridges, smartphones and financial services without the need for collateral or a guarantor.
Headquartered in Nairobi, the firm says it has unlocked more than $600 million worth of credit for two million customers across Kenya, Uganda, Nigeria and Ghana.
The company claims it has more than doubled its customer base in 2021 and is projected to reach three million customers by the end of this year. M-Kopa says it plans “to serve at least 10 million customers over the next five years”.
M-Kopa will use the new cash to grow its team and expand into additional countries as it looks to scale its footprint across the African continent.
