From Solar Pioneer to Mobile Finance Leader: M-KOPA Hits $600 Million Revenue

Kenya-based fintech M-KOPA has reported a remarkable 45% revenue surge to $600 million for its 2025 financial year, marking a significant shift from solar financing to smartphone and electric vehicle asset financing. This transformation has not only reshaped the company’s financial performance but also its strategic direction.

The company added three million customers in the past year, bringing its total to 10 million across Kenya, Nigeria, Ghana, Uganda, and South Africa. While M-KOPA initially gained recognition for providing solar home systems, smartphones have become the primary growth driver since the company entered this market in 2020.

Manufacturing Powerhouse & Electric Mobility Expansion

M-KOPA’s Nairobi assembly plant is now recognized as the largest smartphone factory in Africa by volume, producing over two million devices and employing more than 400 workers. The company has also financed over 10,000 electric motorcycles and three-wheelers, with riders experiencing average daily savings of KES 530 (USD 4.10) from reduced energy and maintenance costs.

M-KOPA is expanding its pay-as-you-go model to include electric tuk-tuks, targeting a broader segment of Kenya’s commercial transport sector. The company onboards approximately 10,000 new customers daily while processing micropayments at an impressive rate of 23 times per second.

Strategic Acquisitions & Technological Control

To secure its financing model, M-KOPA acquired Finnish software firm KilpiTek for $8 million in March 2026. This acquisition brought device-locking capabilities—essential for managing repayments—in-house rather than relying on third-party providers.

The transaction included both cash and M-KOPA shares, demonstrating the company’s commitment to controlling critical components of its technology stack.