M-Kopa Raises $75M As It Clocks 2 Million Customers Across Four African Markets

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The company, which enables underbanked customers in select African markets to access a broad range of products and services without collateral or a guarantor, announced today that it has raised $75 million. The decade-old company plans to expand its offerings in the second half of this year in Nigeria and Q1 2023 in Ghana. The platform provides financing and digital financial services to underbanked consumers across four markets by matching fractional payment terms with customers’ daily or weekly earning and spending cycles. M-KOPA started with solar-power home systems targeted at lower-income and rural customers without electricity in Kenya, Tanzania and Uganda. For its staff count, M-KOPA claims to have created thousands of “income-earning jobs” while adding over 500 full-time positions across its four markets in the last two years. At the beginning of 2020, before COVID, M-KOPA had an active seller base of 2,500. To date, M-KOPA claims to have unlocked over $600 million in financing for its 2 million underbanked customers across its markets.