ImpactAlpha, March 2 — Nairobi-based M-KOPA launched in 2011 to help low-income rural households in Kenya, Tanzania and Uganda replace dirty and expensive kerosene lamps with solar lanterns.
Since then it has provided more than $600 million in financing to two million customers to purchase smartphones, TVs and refrigerators, as well as health insurance, and is adding buy now, pay later financing for merchants.
M-KOPA has expanded to Nigeria, and most recently Ghana, and is looking to reach three million customers this year.
M-KOPA doesn’t require collateral or a guarantor to secure financing; customers make flexible micro-payments. The company has raised $190 million to date.
Generation Investment Management co-led the round, with participation from CDC Group and LGT Lightrock. Early backers include Bill and Melinda Foundation, Shell Foundation, Acumen and Blue Haven Initiative.