M-KOPA, the Kenyan startup known for offering financing solutions for smartphones and solar systems, has announced the appointment of former Nokia CEO Rajeev Suri as its new board chair.
Suri will assume the role on December 1, 2024, replacing Elizabeth Littlefield, the outgoing chair.
Jesse Moore, M-KOPA’s CEO and co-founder, expressed enthusiasm about the leadership change. “We are thrilled to welcome Rajeev to the board as we enter this next phase of growth for the business. His proven leadership in steering international companies through periods of rapid expansion will be invaluable.”
Rajeev Suri brings an impressive track record to M-KOPA. Aside from his leadership at Nokia, he served as CEO of Inmarsat, a UK-based satellite communication company, and currently chairs the board at Jamaican telco Digicel.
He also serves as a director at Singtel, Singapore’s largest telecom provider.
His appointment comes at a crucial time for M-KOPA as the fintech company rapidly expands.
In 2023, the company raised $255 million to support its growth, though it faces challenges such as millions of dollars in back taxes following a ruling by a Kenyan tax tribunal.
Despite this, M-KOPA continues to scale its operations, boasting five million users as of September 2024. The company has disbursed over $1.5 billion in credit across five African markets: 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 about his new role.
Founded in 2010, M-KOPA offers pay-as-you-go (PAYGO) financing options for solar systems, smartphones, and electric bikes, allowing users to make small, incremental payments.
Over the past year, the company has experienced significant growth, adding two million customers in the last 15 months.
M-KOPA is working to maintain its lead in the PAYGO sector as competitors like D.Light, Sun King, and Aspira move to capture market share among low-income earners. To date, the company has raised more than $590 million in venture funding across seven rounds, including a $51 million debt financing deal in May 2024.
With Suri at the helm of the board, M-KOPA is well-positioned to continue its trajectory of growth while addressing the challenges and opportunities of the expanding fintech and renewable energy markets in Africa.