Kenya-headquartered African fintech M-Kopa is informed to have secured $200 Million in debt financing and an extra $55 Million in equity financing. Financial services group Standard Bank Group led the debt financing round while the financing company Sumitomo Corporation led the equity round with an financing of $36.5 Million.
Expanding M-Kopa’s Smartphone Service Business
M-Kopa, an African fintech startup focused on investment financing, has reportedly secured $200 Million in debt financing and an extra $55 Million in equity financing. Reports by a Fintech Futures report, Standard Bank Group led the debt financing round which was likewise backed by the International Finance Corporation (IFC). The other participants in this round include British International Investment, Mirova Sunfunder, and Nithio likewise as the funds that are managed by Lion’s Head Worldwide Partners.
On the other hand, M-Kopa’s equity financing round was led by one of its existing backers Sumitomo Corporation which invested $36.5 Million. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude were the other participants in the round.
Reports by the report, M-Kopa will use the latest financing to increase its offerings likewise as to grow its smartphone services. The fintech startup’s co- founder and CEO Jesse Moore is cited in the report stating that his company’s mission is to address and overcome the barriers that block access to digital financial services.
“We have already unlocked $1 Billion in cumulative credit to over 3 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 reportedly said.
In addition to using the recently acquired financial resources to boost its business, M-Kopa will likewise seek to boost financial inclusion between women and reduce greenhouse gas emissions in East Africa, the report said.
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