M-Kopa, an African finance platform, announced that it had inked a total of $255 million in fresh debt and equity from Standard Bank and Sumitomo Corporation, among others, to fund its expansion in Sub-Saharan Africa.
M-Kopa began operations in Kenya in 2011 and has since expanded to Uganda, Nigeria, and Ghana, claiming to have enabled 3 million consumers access over $1 billion in loans to purchase things such as smart phones, solar power systems, and health insurance.
M-Kopa reported that Standard Bank (SBKJ.J) led and arranged $200 million in sustainability-linked debt financing, while Sumitomo (8053.T) invested $36.5 million in additional stock.
Lightrock, a U.K.-based investment firm, was also a participant in the fund-raising, according to the firm.