MPower, a startup aiming to improve access to clean energy and bolster financial inclusion, has collected £354,970 in a crowdfunding campaign.
The funding round, which still has another two days, is being raised on the Crowdcube platform. MPower has surpassed its initial goal for the fundraise, which had been set at £300,000.
Of the capital, £234,540 was deployed by an institutional company, while the remaining funds came from around 323 individual investors on the Crowdcube platform.
MPower is raising the round at a pre-money valuation of £5m and has distributed around 6.6% of its equity to the contributing investors.
The FinTech company, which launched in 2018, helps emerging markets get access to solar energy products. To do this it establishes a B2B model which combines local distribution networks and market knowledge, it claims.
Powered by data analytics, the company digitises a client’s operations and tracks products so they can collate all end-user data of financing and cross selling opportunities. This enables MPower to build credit profiles and enable them to access financing products.
Its services are currently available in Togo, Cameroon and Zambia. With the funds from the crowdfund, the company hopes to enter into new markets.
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