Asset financing start-up M-Kopa has announced the appointment of Indian-born Singaporean tech executive Rejeev Suri as its new board chair, effective December 1. Suri brings extensive experience from the tech and telecom sectors, having served as the CEO of Nokia from 2014 to 2020 and as the CEO of British satellite telecom company Inmarsat since 2021. He also chairs Digicel Group and holds board director positions at Singaporean telco Singtel and American internet service provider Viasat.
“His deep knowledge and expertise will be fundamental in guiding our strategy as we enter this next phase of growth and continue to scale our reach and impact across emerging markets,” M-Kopa stated on Monday.
Elizabeth Littlefield, who has chaired the M-Kopa board for the past six years, will transition to the role of independent director and chair of M-Kopa’s ESG and Impact committee.
Founded in 2010 by Nick Hughes, Chad Larson, and Jesse Moore, M-Kopa has been providing underbanked customers in Africa with products such as solar lighting systems, televisions, fridges, smartphones, and digital financial services. The company’s product utilizes an Internet-of-Things (IoT) approach to integrate digital micropayments, enabling customers—many of whom have limited financial identities and collateral—to gain instant access to “productive assets.”
M-Kopa’s credit model allows individuals to make a small deposit to access everyday products, after which they can upgrade to digital financial services like loans and health insurance. Customers pay off their purchases through micro-instalments over time.
The UK-based company claims to have over 5 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa, and reports that it has deployed over $1.5 billion in credit to date. Suri joins M-Kopa’s board just months after the venture secured $51 million in debt financing from the U.S. International Development Finance Corporation in May. Additionally, in May of last year, the start-up raised $250 million in debt and equity.
