M-KOPA, a leading fintech innovator in emerging markets, has officially sold over 1 million of its own branded smartphones, marking a milestone not just in technology, but in transformational impact.

But these aren’t just any smartphones.

They’re smart financial tools, devices designed not only to connect, but to empower. Behind every sale is a farmer checking market prices, a vendor tracking payments, a student learning online, or a mother accessing health insurance, all through the power of a device embedded with M-KOPA’s Smart Money Platform.

Not Just Smartphones – Financial Lifelines

Where most smartphones end at communication, M-KOPA’s devices begin with opportunity. Each phone comes preloaded with:

• Affordable credit access
• Health insurance plans
• Device protection services

This seamless integration of hardware and fintech has helped M-KOPA customers unlock credit histories, build businesses, and achieve real economic mobility, one device at a time.

“We’re not just selling affordable smartphones,” said Jesse Moore, CEO and Co-Founder of M-KOPA.
“We’re putting financial inclusion in the pockets of millions.”

Made in Africa, for Africa: Scaling Innovation from Nairobi

At the heart of this achievement is M-KOPA’s smartphone assembly plant in Nairobi, now the largest in Africa by production volume. Since its launch in 2023, the factory has:

• Created over 400 skilled jobs
• Achieved ISO 9001 certification in 2024
• Proven that high-quality electronics manufacturing can thrive in Africa

From assembly lines to living rooms, the impact of M-KOPA’s production model is already changing perceptions of what’s possible on the continent.

X-Series Success and Growing Portfolio

M-KOPA’s smartphone journey began with the flagship X20, a model that quickly gained traction for its reliability and affordability. Building on that success, the company has expanded its portfolio to include:

• X2 – Entry-level accessibility with premium features
• M10 – Built for multimedia and business use
• S34 – Optimized for battery life and everyday performance

New models are expected to launch in H2 2025, with availability now spanning Kenya, Uganda, Nigeria, Ghana, and South Africa, sold exclusively through M-KOPA’s agent network.

Real Impact, Real Stories

For M-KOPA, the sale of 1 million smartphones is more than a business milestone, it’s a marker of progress. Every device sold represents a story:

• A small business owner accepting digital payments
• A first-time buyer building their credit score
• A parent accessing emergency health cover

M-KOPA achieved an impressive CAGR of 42% for the 2020-23 period. The company has accelerated even faster since 2023, delivering over 65% year-over-year revenue growth in 2024.

The firm is continuing on the same profitable growth path in 2025 and is trending to surpass half a billion USD in annual revenue this year.

As fintech continues to scale across the African continent, M-KOPA exemplifies how purpose-driven businesses with sound fundamentals can be both profitable and impactful by serving traditionally overlooked “unbanked” consumers.

The company continues to be laser focused on financing progress for non-salaried every day earners, of which there will be over 1 billion adults across Africa by 2040.

M-KOPA finances smartphones to everyday earners (with more than half its customers accessing the internet for the first time) and then delivers tailored mobile financial services through the device. M-KOPA’s smart money platform has now issued millions of affordable credit, insurance, and subscription products. Its positive impact is independently measured by third party verification experts with the results published annually on the website. 

In 2023, M-KOPA opened East Africa’s first and largest smartphone assembly factory, which is now producing over 1m smartphones annually and has created over 300 new jobs.

In 2024, the firm then introduced its own range of branded smartphones which now account for over 20% of all smartphones sold in Kenya. In 2025, the company has continued its pan African expansion and now acquires more customers outside of Kenya than in, with fast customer growth across Nigeria, Ghana, Uganda, and South Africa.

Commenting on the recognition, Jesse Moore, CEO and co-founder of M-KOPA said:

“We are thrilled to make the FT Fastest Growing Companies in Africa list for the 4th year in a row. Our growth continues to accelerate, and we now onboard a new customer to M-KOPA every 9 seconds. Thanks to Africa’s digital payment rails, we now receive 15 payments per second, which in turn creates a unique and deep dataset to understand the financial needs of everyday earners.  We are still in the early stages of scaling, with an addressable market that will surpass 1 billion people in Africa by 2040.” 

This comes five months after M-KOPA secured over $250 million in debt and equity to fuel its expansion across the continent.

M-KOPA, founded in 2010, has built one of the world’s most advanced connected financing platforms, deploying $1 billion in products and credit to financially excluded individuals. Now, it seeks to replicate its success built across Kenya, Nigeria, and Ghana in Soweto, South Africa’s township.

Choosing Soweto as the starting point is a strategic move, considering the township’s demographic alignment with M-KOPA’s product range, mainly catering to low to middle-income households. The company aims to bring its suite of smart products, including smartphones, electric motorcycles, and solar power systems, to offer much-needed relief in an area often disrupted by power outages.

Martin Macharia, a tech analyst, sees M-KOPA’s entry into the South African market as a natural stimulator. Despite economic strides, South Africa faces challenges such as frequent power outages and a significant portion of the population living without regular access to essential amenities. M-KOPA’s innovative solutions, proven successful in Kenya and Nigeria, are set to address these challenges, embedding itself within the community by partnering with local retailers and distributors.

M-KOPA’s business model is characterised by inclusivity, flexibility, and fairness. The company does not require collateral, guarantees, or proof of income, allowing customers to start using high-quality products with an ID and an initial deposit. The flexible payment system accommodates occasional missed payments without imposing steep penalties, providing options for customers to continue using their products while getting back on their feet. Additionally, what is advertised is what the customer pays, with the freedom to return the product at any time, get a deposit refund, and be released from payment obligations.

Jesse Moore, M-KOPA CEO and Co-founder said the company planned to expand to more markets across Africa and scale to over 10 million customers last year. South Africa now represents M-KOPA’s fourth-largest market, and the company aims to leverage its success in Soweto as a launchpad for a broader impact in the region. As of March 2022, M-KOPA had reached 2 million customers across four African markets, positioning itself as a dominant player in the innovative space. The latest funding injection sets the company on course to potentially become a unicorn in the near future.

This significant financial boost will enable M-KOPA to expand its range of financial services for underbanked consumers across Sub-Saharan Africa, further solidifying its position as a leader in the industry. 

The fundraising achievement represents one of the largest combined debt and equity raises in Africa’s tech sector, empowering M-KOPA to sustain its rapid growth.

Standard Bank Group, Africa’s largest bank and a longstanding strategic partner of M-KOPA, led and organized over $200 million in sustainability-linked debt financing. Notable participants in the funding round include The International Finance Corporation (IFC), Lion’s Head Global Partners-managed funds, FMO: Dutch Entrepreneurial Development Bank, British International Investment, Mirova SunFunder, and Nithio.

Additionally, $55 million in equity investment was secured, with Sumitomo Corporation, an existing strategic investor, contributing $36.5 million to the total raised amount. Sumitomo Corporation will collaborate closely with M-KOPA to explore new growth markets and develop innovative products. Other participants in the funding round include Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude, the sister fund of Local Globe.

M-KOPA has revolutionized the fintech landscape by combining digital micropayments with the Internet-of-Things (IoT) technology. Their innovative platform enables customers, particularly those with limited financial identities and traditional collateral, to gain access to essential assets. 

Through M-KOPA’s flexible credit model, individuals can make a small deposit and instantly acquire everyday essentials such as smartphones, electric motorcycles, and solar power systems. They can then graduate to digital financial services like loans and health insurance. 

M-KOPA embeds credit into the product through a smart digital connection, allowing customers to own the products immediately and pay them off through micro-instalments over time. The company has successfully sold over 3 million of these products through a unique direct sales model involving more than 10,000 agents.

Starting in East Africa, M-KOPA expanded its operations to Nigeria in 2021 and more recently to Ghana. Between 2020 and 2022, the company achieved an impressive compound annual growth rate of 85% in new customer acquisition. 

It was also recognized as one of Africa’s Fastest-Growing Top 100 companies by the Financial Times in both 2022 and 2023. Today’s announcement coincides with M-KOPA surpassing 3 million customers and providing over $1 billion in cumulative credit to underbanked customers in Africa. The company continues to scale rapidly and aims to acquire an additional million customers in 2023.

With the newly secured funding, M-KOPA plans to expand its smartphone services, enter new markets, and diversify its range of financed products. As part of its commitment to creating a positive impact, the debt financing is structured to support sustainability-linked goals. 

The pricing of the debt is tied to the achievement of environmental and social targets. Lendable has been appointed as the Borrowing Base and Sustainability Verification Agent for the debt transaction. M-KOPA will also utilize the funding to drive women’s financial inclusion and reduce greenhouse gas emissions in East African markets. This includes promoting smartphone ownership among women and further developing electric mobility solutions.

Speaking on the round, Jesse Moore, M-KOPA CEO and Co-founder said, “At M-KOPA, we are working hard to create a positive environmental and social impact by systematically addressing the barriers to digital financial services. We have already unlocked $1bn in cumulative credit to over 3 million customers, and are proud of the thousands of local jobs we’ve created during tough economic times. As we continue to scale we remain committed to building a sustainable business and closing economic and digital gender gaps. We are delighted to have the support of new and existing investors who share our vision and mission”.

“Supporting M-KOPA is in line with our purpose of driving sustainable growth for Africa and her people. Financial inclusion not only enables economic growth, it also accelerates it. M-KOPA has, in a short time, managed to positively impact so many lives by enabling access to power and smartphone connectivity, which are a vital part of enabling the economic empowerment of all.” added Nick Riley, Corporate Financing Solutions at Standard Bank.

“As a strategic investor, we are very excited to accelerate business growth through collaborative efforts in business development. By leveraging each expertise and resource, we believe this partnership will have a positive impact on both the financial and telecommunications sectors, ultimately enriching the lives of people across the continent.” commented Masaki Nakajima, Senior Managing Executive Officer, General Manager, Media & Digital Business Unit at Sumitomo Corporation.