M-KOPA Holding, an innovative Kenyan startup known for providing financing solutions for smartphones and solar systems, has announced the appointment of Rajeev Suri, the former CEO of Nokia, as its new chairman of the board. Suri is set to take over the role on December 1, 2024, succeeding Elizabeth Littlefield.
Jesse Moore, CEO and co-founder of M-KOPA, expressed his enthusiasm about Suri joining the team, highlighting the significant phase of growth the company is entering;
We are thrilled to welcome Rajeev to the board as we embark on this next chapter of expansion for our business. His exceptional track record in guiding global companies through stages of swift growth will be incredibly beneficial to us.
Suri brings a wealth of experience to M-KOPA, having previously held the position of CEO at Inmarsat, a leading satellite communications company based in the UK. He currently serves as the chairman of the board at Digicel, a telecommunications company in Jamaica, and holds a directorship at Singtel, a major telco in Singapore.
His appointment comes at a pivotal time for M-KOPA, which recently secured $255 million in funding in 2023 and is looking to broaden its market presence. However, the company is also navigating challenges, such as a significant tax liability following a decision by a Kenyan tax tribunal.
In September 2024, M-KOPA announced it had reached a milestone of five million users and had distributed over $1.5 billion in credit across its operations in Kenya, Uganda, Ghana, Nigeria, and South Africa.
Suri praised M-KOPA’s innovative approach to fintech, emphasizing its potential to revolutionize digital and financial inclusion;
M-KOPA represents one of the most exciting fintech propositions, not only in Africa but on a global scale. Their application of cutting-edge technologies and AI to address the crucial issue of digital and financial inclusion is remarkable and could redefine our understanding of consumers in emerging markets.
Since its inception in 2010, M-KOPA has made significant strides in offering accessible financing for solar power systems, smartphones, and electric bikes, allowing customers to make payments in manageable installments. The company has seen remarkable growth, adding two million customers in the past 15 months alone.
As M-KOPA continues to lead in the PAYGO sector, it faces increasing competition from new entrants like D.Light, Sun King, and Aspira, all vying for a share of the market that caters to low-income earners. To date, M-KOPA has raised over $590 million in venture capital across seven funding rounds, with the most recent being a $51 million debt financing round in May 2024.
