2 years ago
Kenya-headquartered African fintech M-Kopa is reported to person secured $200 cardinal successful indebtedness financing and an further $55 cardinal successful equity funding. Financial services radical Standard Bank Group led the indebtedness financing circular portion the concern institution Sumitomo Corporation led the equity circular with an concern of $36.5 million.
Expanding M-Kopa’s Smartphone Service Business
M-Kopa, an African fintech startup focused connected plus financing, has reportedly secured $200 cardinal successful indebtedness financing and an further $55 cardinal successful equity funding. According to a Fintech Futures report, Standard Bank Group led the indebtedness financing circular which was besides backed by the International Finance Corporation (IFC). The different participants successful this circular see British International Investment, Mirova Sunfunder, and Nithio arsenic good arsenic the funds that are managed by Lion’s Head Global Partners.
On the different hand, M-Kopa’s equity backing circular was led by 1 of its existing backers Sumitomo Corporation which invested $36.5 million. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude were the different participants successful the round.
According to the report, M-Kopa volition usage the latest backing to summation its offerings arsenic good arsenic to turn its smartphone services. The fintech startup’s co-founder and CEO Jesse Moore is quoted successful the study stating that his company’s ngo is to code and flooded the barriers that artifact entree to integer fiscal services.
“We person already unlocked $1 cardinal successful cumulative recognition to implicit 3 cardinal customers, and are arrogant of the thousands of section jobs we’ve created during pugnacious economical times. As we proceed to standard we stay committed to gathering a sustainable concern and closing economical and integer sex gaps,” Moore reportedly said.
Besides utilizing the precocious acquired superior to boost its business, M-Kopa volition besides question to boost fiscal inclusion among women and trim greenhouse state emissions successful East Africa, the study said.
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