Yellow, the South Africa-based fintech startup, which delivers asset-backed finance to 200,000 households, has raised US$23 million in debt funding to scale further.
In 2018, Mike Heyink and Maya Stewart founded Yellow; a digital retail business focused on energy access. It has provided power on a pay-as-you-go (PAYG) basis to 30,000 homes in its markets – Malawi and Uganda.
Yellow raised US$ 3.3 Million in September 2020
The fintech raised a US$3.3 million Series A round in September 2020 and expanded into Rwanda and Zambia. The start up has now concluded the ﬁnal piece of a series of debt transactions, totaling US$23 million, with Lion’s Head Global Partners joining Triple Jump, SunFunder, SIMA and Trine in backing Yellow.
“We were delighted to close our Series A in May 2020, that funding together with the debt facilities from our new partners give us the resources we need to serve at least one million more people,” said Ross Thompson, the start up’s CFO.