M-Kopa Holdings has secured $200 million in sustainability-linked debt financing and $55 million in an equity funding round.
The debt financing was led and arranged by Africa’s largest bank, Standard Bank Group, with additional participating lenders including the International Finance Corporation (IFC), funds managed by Lion’s Head Global Partners, FMO, British International Investment, Mirova SunFunder, and Nithio.
The $55 million equity funding round was led by existing backer Sumitomo Corporation, which invested $36.5 million. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude also contributed.
M-Kopa plans to grow its smartphone services, expand into new markets, and increase its product offerings.
Jesse Moore, CEO and co-founder of M-Kopa, says the company aims “to create a positive environmental and social impact by systematically addressing the barriers to digital financial services”.
“We have already unlocked $1 billion in cumulative credit to over three million customers, and are proud of the thousands of local jobs we’ve created during tough economic times. As we continue to scale, we remain committed to building a sustainable business and closing economic and digital gender gaps,” Moore adds.
