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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

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    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

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    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

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    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

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Home StartUps

M-KOPA Raises $75 Million to Push its Mission of Serving the Unbanked Population

by Nuel Umahi
March 1, 2022
in StartUps
0
M-KOPA Raises $75 Million to Push its Mission of Serving the Unbanked Population
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M-KOPA – a connected asset financing platform that offers millions of underbanked customers access to life-enhancing products and services has raised the sum of $75 million to enable it double its mission to serving the unbanked population in selected African markets to access a broad range of its products and services without collateral.

As a result of the growth equity round, it represents the fifth funding gained by the company which has raised the total equity raised to $190 million. The company also, has raised similar rounds of debt as well.

Leading the round was Generation Investment Management and Broadscale Group and it also saw participation from its previous investors such as CDC Group and LGT Lightrock as well as LocalGlobe’s Latitude Fund and HEPCO Capital Management.

M-KOPA operations is a pay-as-you-go (PAYG) financial model that allows its customers build ownership of appliances overtime after an initial deposit followed by flexible micro-payments.

With its commenced operations in 2012, its market base is currently in Nigeria, Kenya, Ghana and Uganda – this has summed up its customers to 2 million customers across the four African markets.

The company started with solar power home system targeted at low-income earners without electricity in Kenya, Tanzania and Uganda but has expanded its model with time to include smartphones, TVs, refrigerators, solar lighting and digital financial services such as cash loans and health insurance.

In 2019, according to reports by the world economic forum, the pay-as-you-go option is regarded as a model to tackling the challenges in the electricity sector.

Jesse Moore, co-founder and CEO stated that its model is very inclusive in terms of who can qualify unlike the traditional credit instruments which have a number of restrictions in terms of screening, collateral or a guarantor, thus limiting people when it comes to financial inclusion.

“M-KOPA’s model welcomes everybody. There’s no upfront scoring; if you can pay the upfront deposit, that’s all we require. And then you’re into a relationship where consumers can get the solar system or smartphones which irrespective of the market, whether you’re in Lagos or semi-urban Nairobi, can immediately put those to enhance their businesses”, Moore said.

Mayor Patel, COO, M-KOPA added, “We are enabling customers who otherwise could not have been able to access that kind of support, to then plough that back into productive assets that are helping them generate more income in their lives”.

“When we go back to our customers, which we do regularly, and ask them how they use the products or services, over 30% of them report back to us saying they use this to kind of generate additional income and support their livelihoods.”

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