Kenya-based lender M-KOPA secures $75m

Kenya-based FinTech company M-KOPA has reportedly raised $75m in a fresh funding round.

Generation Investment Management and Broadscale Group led the round, according to a report from TechCrunch. The capital injection was supported by CDC Group, LGT Lightrock, LocalGlobe, HEPCO Capital Management.

M-KOPA’s mission is to make financing for everyday essentials to be accessible to everyone, its website states. It operates a pay-as-you-go financing model allows you to get instant access to products from day one, while building ownership over time through flexible micro-payments.

It claims to have issued more than $600m in financing for its two million underbanked customers across the market.

The company is present in Kenya, Uganda, Nigeria and Ghana.

M-KOPA has raised five equity funding rounds, with a combined value of $190m.

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