M-KOPA Funding, Investors & Competitors

M-KOPA has raised $234M across 11 funding rounds, most recently a $20M undisclosed-stage round in August 2023.

Last M-KOPA funding round

$20M

Undisclosed stage · Aug 2023

Cumulative funding M-KOPA raised

$234M

across 11 funding rounds

Key investors in M-KOPA

  • British International Investment
  • Generation Investment Management
  • LGT Venture Philanthropy
  • Latitude
  • Blue Haven Initiative
  • Broadscale
  • FinDev Canada
  • LocalGlobe

M-KOPA Overview

About M-KOPA

M-KOPA is a Nairobi-headquartered fintech offering pay-as-you-go financing for solar systems, appliances, and smartphones to 3 million off-grid customers in Kenya, Uganda, Nigeria, and Ghana. Its IoT platform locks devices on missed micropayments, unlocking upon compliance via mobile money. Founded in 2011, M-KOPA has disbursed over $1 billion in credit, partnering with Vodafone and TotalEnergies.


Founded

2011

HQ

KenyaNairobi

Website

m-kopa.com

Status

Privately held

Customer focus

B2C

Revenue model

Usage-based

M-KOPA Funding History

M-KOPA has raised a total of $234M across 11 funding rounds.

M-KOPA's first fundraising round was a $13M Series D in February 2015. The most recent completed round was a $20M undisclosed-stage round in August 2023.

M-KOPA funding rounds

M-KOPA funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2023Undisclosed stageFinDev Canada (lead)$20MM-KOPA Holdings Limited is a UK-domiciled fintech and asset financing company headquartered in Nairobi, Kenya, providing pay-as-you-go products including smartphones, cash loans, and e-motorbikes across Kenya, Uganda, Nigeria, Ghana, and South Africa. This US$20 million convertible note from FinDev Canada, signed on July 10, 2023 (disclosed May 19, 2023), marks the third transaction since their first investment in 2018, aimed at increasing access to credit and asset acquisition for underbanked individuals in Sub-Saharan Africa while creating and maintaining employment and enhancing digital penetration. The investment supports M-KOPA's operations in the financial intermediaries sector, qualifying under the 2X Challenge for employment impact, with a 1.5-year term and Category B environmental and social risk rating. M-KOPA employs approximately 2,000 full-time staff (more than doubled since 2019) and 15,000 sales agents (quadrupled since 2019), contributing to economic value through salaries and commissions, local smartphone assembly in Kenya, and partnerships with telcos for added data value in financing plans. On climate impact, M-KOPA has impacted over 3.5 million people with clean energy, enabling more than 1 million rural homes to avoid kerosene lanterns, preventing 5 billion hours of toxin exposure and over 2 million metric tonnes of CO2 and black carbon emissions via 300,000+ energy-efficient appliances. Prior FinDev engagements include a 2018 US$10M investment and a 2020 US$2M addition amid reported US$40M losses from 2018-2020.
May 2023Undisclosed stageSumitomo (lead); Blue Haven Initiative; Latitude; Lightrock; Broadscale$55MM-KOPA is a Kenya-headquartered fintech company founded in 2010 that provides digital financial services to underbanked individuals in sub-Saharan Africa, primarily through a pay-as-you-go model leveraging IoT and mobile payments like M-Pesa. It initially offered solar home systems including panels, LED lights, phone chargers, and radios, with usage controlled by GSM sensors based on payment compliance. The platform has expanded to smartphones, health insurance, electric motorbikes, and other digital services across Kenya, Uganda, Nigeria, and Ghana. In May 2023, M-KOPA raised $55 million in equity funding led by Sumitomo Corporation with a $36.5 million investment, alongside participants including Blue Haven Initiative, Broadscale, Latitude, and Lightrock. This equity round was part of a larger $250-255 million package that also included over $200 million in sustainability-linked debt financing arranged by Standard Bank Group, with lenders such as the International Finance Corporation, British International Investment, FMO, Mirova SunFunder, Lion’s Head Global Partners, and Nithio. The debt terms incentivize growth in customer reach, lending to women, electric mobility, and clean energy access. By the time of the funding announcement, M-KOPA had served over 3 million customers, unlocked more than $1 billion in cumulative credit since inception, and created thousands of local jobs. The company aimed to reach an additional one million customers by the end of 2023 through investments in IoT technology, software, and market expansion. Sumitomo's involvement builds on its 2018 initial investment, focusing on strategic partnerships for customer growth, new markets like Vodafone regions, and joint product development. The funding supports M-KOPA's scaling efforts amid economic challenges, emphasizing sustainable business practices, financial inclusion, and closing digital gender gaps. CEO Jesse Moore highlighted the company's conviction in technology-driven progress for Africa's financial services sector, with partners like Sumitomo contributing expertise in infrastructure, telecom, and diverse business networks.
Mar 2022Undisclosed stageBroadscale (lead); Generation Investment Management (lead); LGT Venture Philanthropy; Latitude; HEPCO Capital Management; British International Investment$75MM-KOPA is an asset financing platform founded in 2011 that provides pay-as-you-go financing for everyday essentials including solar lighting, smartphones, TVs, and domestic appliances to underbanked customers across Africa. The company started as a solar power provider for off-grid homes and expanded into smartphone finance in 2019, positioning itself as a "connected asset financing platform" that matches flexible micro-payment terms to customers' daily or weekly earning cycles. In March 2022, M-KOPA raised $75 million in a growth equity round led by Generation Investment Management and Broadscale Group, with participation from new investors Latitude Fund (Local Globe) and HEPCO Capital Management, alongside existing backers CDC Group and LGT Lightrock. This brought the company's total cumulative equity funding to $100 million across five rounds. The company announced plans to use the capital for geographic expansion beyond its existing presence in Kenya, Uganda, Nigeria, and Ghana, as well as to diversify its product offerings into buy-now-pay-later merchant partnerships, cash loans, and health insurance. At the time of the funding round, M-KOPA had provided over $600 million in total financing to more than two million customers and projected reaching three million customers by end of 2022. The company had achieved 2.5x growth in new customers during 2021 and stated ambitions to scale to over 10 million customers within a few years. CEO Jesse Moore highlighted the company's focus on making everyday essentials more accessible through improved integration into customer earning and spending cycles.
Nov 2021Series ABritish International Investment (lead)$10MM-KOPA is a pay-as-you-go (PAYGo) asset financing provider offering solar home systems, smartphones, and digital financial services primarily in Kenya and Uganda. British International Investment (BII, formerly CDC Group) made a $1.99 million local currency debt investment (in KES) starting April 2021, following a prior $55 million debt facility in 2017 with partners including Stanbic, FMO, and Norfund. This debt financed sales growth by funding M-KOPA’s receivables book for PAYGo products, enabling affordable access to energy, smartphones, mobile internet, and credit histories for unbanked customers. The investment ended February 2023 after refinancing where BII rolled over US$5 million.
Jun 2021Series ABritish International Investment$8M-
Mar 2018Series ABritish International Investment (lead); FinDev Canada; LGT Venture Philanthropy; Generation Investment Management$10M-
Nov 2017Series DBritish International Investment (lead)$7MM-Kopa is a UK-headquartered fintech platform providing affordable smartphones and digital financial services to customers in Kenya, Nigeria, Ghana, Uganda, and South Africa. The company uses a daily repayment financing model designed for individuals earning income on a daily basis. By January 2018, M-Kopa had wired at least 500,000 homes and sold approximately 90,000 solar rechargeable televisions. The company has received backing from notable investors including Richard Branson, Generation Investment Management, and LGT Venture Philanthropy. M-Kopa was recognized as one of MIT Technology Review's "50 Smartest Companies" in 2017 and was named among Fast Company's "World's Most Innovative Companies" in 2018.
Sep 2016Series A-$6MM-KOPA raised $6.3 million in a venture funding round on September 29, 2016 from undisclosed investors. The company provides pay-as-you-go financing for products like solar systems to underbanked customers in Africa.
Sep 2016Series DBritish International Investment (lead)$12M-
Dec 2015Undisclosed stageGeneration Investment Management (lead); Revolution; Jean Case; Musha Ventures; Virgin Group$19MM-KOPA is a Kenyan pay-as-you-go solar energy provider offering affordable solar home systems to off-grid households in East Africa, including Kenya, Tanzania, and Uganda. Customers pay an initial deposit of around Sh3,065 followed by daily mobile money payments of Sh50 or less for about a year to own the system outright. By late 2015, the company had connected over 280,000 homes to solar power, adding more than 500 homes daily, with over 2,000 staff and sales agents, and was on track to reach one million homes by end-2017. In December 2015, M-KOPA closed a $19 million equity financing round led by Generation Investment Management, with participation from Virgin Group founder Sir Richard Branson, Jean and Steve Case of Revolution/Case Foundation, Musha Ventures (implied via existing shareholders), and reinvestments from prior backers. The funds were earmarked to expand the management team, product range, and international operations. This followed earlier rounds including $20M in December 2013 and $12.45M in February 2015, positioning M-KOPA as a leader in off-grid solar with strong market traction. The company reported over $40 million in revenue by 2015, alongside powering 150,000 households initially and handling around 10,000 daily mobile payments via its M-Kopanet platform. About 80% of customers lived on less than $2 a day, highlighting the model's focus on low-income accessibility. M-KOPA also won the Zayed Future Energy Prize that year, using the $1.5M to launch M-KOPA University for training. Investors praised M-KOPA's robust technology, scale, and potential for financial returns alongside climate benefits for 1.3 billion off-grid people globally.
Feb 2015Series DLGT Venture Philanthropy (lead); LocalGlobe; Lundin Foundation; Blue Haven Initiative$13MM-KOPA is a solar energy company providing pay-as-you-go solar systems to off-grid households in Kenya, Uganda, and Tanzania. In February 2015, it closed a $12.5 million Series D funding round led by LGT Venture Philanthropy, with participation from Blue Haven Initiative, Lundin Foundation, and others. The equity and debt investment supported expansion of product range, growth in East Africa, and technology licensing to new markets. By early 2015, M-KOPA had installed over 150,000 solar systems and connected over 500 homes daily. It achieved revenue exceeding $40 million by the end of 2015, with 80% of customers living on less than $2 per day and repayment rates around 95%. LGT Venture Philanthropy, an investor since 2011, provided $8 million in this round following earlier debt and equity support.

Who has invested in M-KOPA?

16 investors have backed M-KOPA across its funding rounds, including British International Investment, Generation Investment Management, LGT Venture Philanthropy, Latitude, Blue Haven Initiative and Broadscale.

Lead investors include FinDev Canada, Sumitomo, Broadscale, Generation Investment Management, British International Investment and 1 other investor.


M-KOPA Investors

Investors in M-KOPA by funding rounds participated
InvestorHQRoundsRoleFirst check
British International InvestmentUnited KingdomLondon6LeadSep 2016
LGT Venture PhilanthropySwitzerlandSwitzerland3LeadFeb 2015
Generation Investment ManagementUnited KingdomLondon3LeadDec 2015
FinDev CanadaCanadaMontreal2LeadMar 2018
Blue Haven InitiativeUnited StatesUnited States2ParticipantFeb 2015
LatitudeUnited KingdomUnited Kingdom2ParticipantMar 2022
BroadscaleUnited StatesNew York City, NY2LeadMar 2022
LocalGlobeUnited KingdomLondon1ParticipantFeb 2015
Lundin FoundationCanadaVancouver1ParticipantFeb 2015
RevolutionUnited StatesWashington, DC1ParticipantDec 2015
HEPCO Capital ManagementUnited StatesPhiladelphia, PA1ParticipantMar 2022
Jean CaseUnited StatesWashington, DC1ParticipantDec 2015
LightrockUnited KingdomLondon1ParticipantMay 2023

This data is available for Pro users. Sign up to see all 16 M-KOPA investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

M-KOPA Competitors

M-KOPA competitors include listed companies like Tata Capital, Muthoot Finance, Credit Acceptance and Mahindra Finance, and private ones like Aven and Octane.

Public and private companies comparable to M-KOPA
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Tata CapitalIndiaIndiaPublicly listed$3.1B$759M$15B20.8x
Muthoot FinanceIndiaIndiaPublicly listed$2.1B$1.4B$12B13.5x
Credit AcceptanceUnited StatesUnited StatesPublicly listed$2.3B$565M$6.1B5.7x
Mahindra FinanceIndiaIndiaPublicly listed$1.1B-$5B14.9x
AvenUnited StatesSan Francisco, CAPrivate$100M-$2.2B22.0x
OctaneUnited StatesNew York City, NYPrivate$400M$80M$1.3B-

M-KOPA Public Comps

M-KOPA is still privately-owned, but its public comps include Capital One, Johnson Controls, Bajaj Finance, BOE, Bajaj Finserv, Shriram Finance, Synchrony, Samsara, Lite-On Technology and Sharetronic.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Capital One$53B-2.3x2.0x--
Johnson Controls$24B$3B4.0x3.7x31.0x20.0x
Bajaj Finance$5.2B$2.7B19.8x16.6x37.3x29.7x
BOE$31B$7B1.7x1.6x7.5x7.3x
Bajaj Finserv$14B$5.9B5.7x5.1x14.0x25.3x
Shriram Finance$2.6B$1.6B16.4x13.5x25.9x22.2x
Synchrony$15B-1.8x1.7x--
Samsara$1.6B($29M)14.0x12.0x(794.5x)55.7x

This data is available for Pro users. Sign up to see all M-KOPA competitors and their valuation data.

Start Free Trial

Common questions about M-KOPA

When was M-KOPA founded?M-KOPA was founded in 2011.
Where is M-KOPA headquartered?M-KOPA is headquartered in Nairobi, Kenya.
Is M-KOPA publicly listed?No, M-KOPA is a private, VC-backed company.
How much funding has M-KOPA raised?M-KOPA has raised $234M across 11 funding rounds.
What was M-KOPA's last funding round?M-KOPA's last funding round was a $20M undisclosed-stage round in August 2023, led by FinDev Canada.
Who are M-KOPA's investors?M-KOPA's investors include British International Investment, LGT Venture Philanthropy, Generation Investment Management, FinDev Canada, Blue Haven Initiative, Latitude, Broadscale, LocalGlobe, Lundin Foundation, Revolution and 6 others.
Which companies are comparable to M-KOPA?Companies comparable to M-KOPA include Tata Capital, Muthoot Finance, Credit Acceptance, Mahindra Finance, Aven and Octane.

See companies similar to M-KOPA

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial