South Africa-based Yellow, which offers energy financing products to low-income households in Africa, has reportedly collected $20m in debt funding.
The capital injection included a $5m equivalent senior secured debt facility from Facility of Energy Inclusion’s Off-Grid Energy Access Fund (FEI-OGEF), managed by Lion’s Head Global Partners Asset Management, according to a report from Ventureburn.
Founded in 2018, Yellow’s aim is to make life better for customers living in Africa. Its platform enables a distributed network of sales agents to serve rural households with products and services.
According to Ventureburn, Yellow’s asset-backed finance offering has achieved revenue growth of 350% per annum.
Yellow CFO Ross Thompson told Ventureburn, “We are delighted to have closed the debt facilities from our new partners that provide us with the resources to serve at least one million more people. We are now shifting our capital raise focus to our Series B equity round.”
Yellow previously raised $3.3m in its Series A round in May 2020. The capital was supplied by Triple Jump, SunFunder, SIMA and Trin.
Earlier in the year, fellow South African FinTech company Lipa Payments secured $660,000 in its own funding round. The company teams up with banks and FinTechs to offer afforfable and fast payments to merchants.
Through its platform, a merchant can accept phone-to-phone payments via Bluetooth or bank-cards.
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