A group of new and existing investors has backed M-KOPA’s latest growth round, investing a significant amount of equity into the financial technology business which will use the capital to support its expansion plans. The $75 million round was led by Generation Investment Management and Broadscale Group, with new investors LocalGlobe and HEPCO Management joining returning investors CDC Group and LGT Lightrock for the investment which brings the total amount of capital raised by M-KOPA to $190 million. No additional terms of the deal had been released as we went to press.
M-KOPA will use the capital to finance its plans to scale its operations in its existing markets of Kenya, Uganda, Nigeria, and Ghana, and expand into new markets in Africa. Additionally, the firm will develop its current client offering further, pushing the uptake of additional financial services products such as health insurance, cash loans, and BNPL (buy-now-pay-later) merchant partnerships that have been gaining traction with M-KOPA’s current customer base. To support these plans, the business is looking for new hires to fill both commercial operations and engineering roles.
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