An innovative startup based in Kenya, M-KOPA Holding, specializes in providing financial solutions for smartphones and solar systems. The company recently announced the appointment of former Nokia CEO Rajeev Suri as its new board chair, effective December 1, 2024, taking over from Elizabeth Littlefield.
Jesse Moore, M-KOPA CEO and co-founder, expressed excitement about Suri joining the board, highlighting his extensive experience in leading international companies through periods of rapid expansion, which will be beneficial for M-KOPA’s growth journey.
Prior to this role, Suri has held leadership positions at prominent companies such as Inmarsat and chairs the board at Digicel and serves as a director at Singtel. His appointment comes as M-KOPA expands operations following a successful fundraising round of $255 million in 2023, albeit with outstanding tax obligations in Kenya.
With a user base of five million and over $1.5 billion in credit disbursed across multiple markets, including Kenya, Uganda, Ghana, Nigeria, and South Africa, M-KOPA is positioning itself as a significant player in the fintech industry. Suri commended M-KOPA’s innovative approach to utilizing cutting-edge technologies and AI to address digital and financial inclusion challenges in emerging markets.
Established in 2010, M-KOPA’s offerings include solar power systems, smartphones, and electric bikes, all payable through convenient installment plans. The company has experienced substantial growth, adding two million customers within the last 15 months, while navigating increased competition in the PAYGO sector.
Having secured over $590 million in venture funding across multiple rounds, including a $51 million debt financing round in May 2024, M-KOPA remains focused on maintaining its leadership position in the industry amid growing competition from other players targeting low-income earners.