Afrigather M-KOPA Holding, a Kenyan startup that provides financing for smartphones and photo voltaic programs, has appointed former Nokia CEO Rajeev Suri as its new board chair. He resumes on December 1, 2024, and can exchange Elizabeth Littlefield.
“We’re thrilled to welcome Rajeev to the board as we enter this subsequent section of progress for the enterprise,” stated Jesse Moore, M-KOPA CEO and co-founder.“His confirmed management in steering worldwide firms via durations of fast growth will likely be invaluable.”
Suri additionally served as CEO of Inmarsat, a UK-based satellite tv for pc communication agency. He chairs the board at Digicel, a Jamaican telco, and is a director at Singtel, a Singaporean telco.
He joins M-KOPA because it expands its footprint after elevating $255 million in 2023. The corporate additionally faces tens of millions of {dollars} in again taxes following a ruling by a Kenyan tax tribunal.
In September 2024, M-KOPA claimed it reached 5 million customers and disbursed over $1.5 billion in credit score throughout its 5 markets, together with Kenya, Uganda, Ghana, Nigeria, and South Africa.
“M-KOPA represents probably the most thrilling fintech propositions, not solely in Africa however globally. Their use of modern applied sciences and AI to resolve the important problem of digital and monetary inclusion is compelling and has the potential to alter the best way we take into consideration shoppers in rising markets,” stated Suri.
Based in 2010, M-KOPA affords solar energy programs, smartphones, and electrical bikes, which customers pay for in small installments. The corporate has loved a formidable progress up to now yr, including two million clients within the final 15 months.
The fintech is working to carry its lead in PAYGO as extra entrants, like D.Mild, Solar King, and Aspira, transfer to seize the sector that targets low-income earners.
The corporate has raised over $590 million in enterprise funding throughout seven rounds, with the most recent being a $51 million debt financing in Might 2024.
