Solar and asset financing firm M-Kopa has secured Sh35 billion ($255 million) financing in new debt and equity from Standard Bank and Japanese-based trading house Sumitomo Corporation among others for expansion in sub-Saharan Africa.
M-Kopa said on Monday that the capital injection includes Sh7.5 billion ($55 million) in equity and Sh27.4 billion ($200 million) in debt. This is the highest ever to be raised by a Kenyan start-up. Launched in 2011, M-Kopa’s financing platform enables underbanked customers to access a broad range of products and services without collateral or a guarantor through a flexible payment model.
