M-Kopa e-mobility unit secures $30 million FMO senior debt

M-Kopa's Kenyan e-mobility business is set to receive $30 million in senior debt from Dutch development bank FMO, Launch Base Africa reported on 23 July. The package was still being finalised at the time of the report.

How the debt is structured

The financing comes in three tranches. Two loans from FMO total $22.5 million, and a further $7.5 million falls under FMO's Building Prospects label. That last portion refinances a bridge facility provided earlier by an existing shareholder, whom the report does not name. FMO expects the deal to carry its 100% Green and 100% Reduced Inequalities labels.

What the money will fund

M-Kopa Kenya Mobility sells and finances electric and battery-swapping motorbikes, and also offers fleet solutions for platforms such as Bolt. Customers pay in daily instalments, and loans include insurance, roadside rescue, theft tracking and a two-year warranty. Up to $23 million of the new debt is earmarked for new originations, as the company builds a growing book of pay-as-you-go receivables for e-motorbikes and batteries.

At a glance

• Company: M-Kopa (Kenya Mobility unit)
• Raised: $30 million
• Round: Senior debt, three tranches
• Lender: FMO
• Founded: Group in 2012, e-mobility subsidiary in 2023
• Markets: Kenya for e-mobility; group also operates in Uganda, Nigeria, Ghana and South Africa
• Key figure: 10 million customers across the group