Yellow’s New Funding Will Power Expansion of Pay-as-You-Go Financing

South African fintech company Yellow has announced a successful Series C funding round led by Convergence Partners, an early investor in the firm. The capital will fuel expansion efforts for Yellow’s innovative pay-as-you-go (PAYG) asset financing model, which provides access to essential digital and energy products across Africa.

Founded in 2018 by Mike Heynik and Adam Molinas, Yellow enables customers to acquire smartphones and off-grid solar systems through affordable installment plans. The company currently operates in seven countries—Malawi, Zambia, Uganda, Rwanda, Madagascar, the Democratic Republic of Congo, and Nigeria—serving over one million customers.

The new funding will support both organic growth within existing markets and strategic expansion into new territories. Yellow aims to reach 10 million customers by 2030, providing access to electricity and internet connectivity for underserved communities. The Series C round underscores Convergence Partners’ ongoing commitment to Yellow’s mission-driven approach.

“This investment represents a significant milestone in our journey to democratize access to essential digital and energy assets,” said [Quote from CEO about the funding impact]. “We’re grateful for Convergence Partners’ continued support as we work towards our goal of empowering 10 million Africans with affordable financing solutions.”

The PAYG model addresses a critical gap in financial services across Africa, where traditional credit systems often exclude low-income populations. By leveraging asset-backed financing and digital payment platforms, Yellow provides an accessible pathway to essential technologies that can transform lives and livelihoods.