Four foreign funds have bought an estimated 40% stake in asset finance fintech, MKopa for an undisclosed value through a debt swap deal.
Generation Investment Management, CDC, and LGT Lightrock—a private equity fund, will get a combined 36.04% stake for converting their loans in M-Kopa into shares.
LR Africa Holdings Limited will buy less than a 5% stake in the company that currently has over 40 owners, including GIM CSF II (Cayman), Adolf H Lundin Charitable Foundation, Gray Ghost Doen Social Ventures Cooperatief Ua, Sumitomo Corporation and Erick Donasian.
The Competition Authority of Kenya (CAK) approved the M-Kopa deal as the firm seeks to go beyond asset financing to include health insurance, cash loans and buy-now-pay-later merchant partnerships.
M-Kopa has raised KES22.8 billion from investors in over 16 rounds over the years to expand its asset finance business that allows customers pay for green energy products in instalments.
The company has operations in Kenya, Uganda, Nigeria, and Ghana,
See Also:
