M-KOPA has appointed Rajeev Suri as its new board chair, he is a former Nokia CEO and will replace Elizabeth Littlefield.
Other than Nokia, Suri also served as CEO of Inmarsat, a UK-based satellite communication firm. He also chairs the board at Digicel, a Jamaican telco, and is a director at Singtel, a Singaporean telco.
“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.
Suri is joining M-KOPA at a time when it is expanding its footprint after raising $255 million in 2023. The company was ordered to pay taxes in Kenya after losing an appeal at a tax tribunal. The startup had appealed against a $6.8 million tax demand for 2017 to 2019, arguing that it’s incorporated in the UK.
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.