M-KOPA Holding, a Kenyan startup that offers financing for smartphones and solar systems, has appointed former Nokia CEO Rajeev Suri as its new board chair. He resumes on December 1, 2024, and will replace Elizabeth Littlefield.
“We are thrilled to welcome Rajeev to the board as we enter this next phase of growth for the business,” said Jesse Moore, M-KOPA CEO and co-founder.“His proven leadership in steering international companies through periods of rapid expansion will be invaluable.”
Suri also served as CEO of Inmarsat, a UK-based satellite communication firm. He chairs the board at Digicel, a Jamaican telco, and is a director at Singtel, a Singaporean telco.
He joins M-KOPA as it expands its footprint after raising $255 million in 2023. The company also faces millions of dollars in back taxes following a ruling by a Kenyan tax tribunal.
In September 2024, M-KOPA claimed it reached five million users and disbursed over $1.5 billion in credit across its five markets, including Kenya, Uganda, Ghana, Nigeria, and South Africa.
“M-KOPA represents one of the most exciting fintech propositions, not only in Africa but globally. Their use of leading-edge technologies and AI to solve the critical challenge of digital and financial inclusion is compelling and has the potential to change the way we think about consumers in emerging markets,” said Suri.
Founded in 2010, M-KOPA offers solar power systems, smartphones, and electric bikes, which users pay for in small installments. The company has enjoyed an impressive growth in the past year, adding two million customers in the last 15 months.
The fintech is working to hold its lead in PAYGO as more entrants, like D.Light, Sun King, and Aspira, move to capture the sector that targets low-income earners.
The company has raised over $590 million in venture funding across seven rounds, with the latest being a $51 million debt financing in May 2024.
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