The round was led by Generation Investment Management and Broadscale Group, with participation from new investors, including LocalGlobe's Latitude Fund and HEPCO Capital Management. M-KOPA’s existing investors, CDC Group and LGT Lightrock, also participated in the round. This capital injection brings M-KOPA’s total equity funding to USD 190 million.
With the funding, M-KOPA plans to expand into additional countries, adding to its hubs in Kenya, Uganda, Nigeria, and recently launched Ghana, to further scale its footprint across the continent. The company will also continue expanding its daily and weekly payments model to go beyond asset financing, by scaling its financial services products such as health insurance, cash loans, and BNPL merchant partnerships that have proven to be popular with customers.
M-KOPA’s financing platform enables underbanked customers to access a range of products and services without collateral or a guarantor. By combining the power of digital micropayments with the Internet of Things technology to make financing more accessible, customers are enabled to build ownership of their assets and build their credit histories over time through a flexible payment model.
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