South Africa-based fintech startup Yellow, which delivers asset-backed finance to 200,000 households, has raised US$23 million in debt funding to scale further. Founded in 2018 by Mike Heyink and Maya Stewart, Yellow is a digital retail business currently focused on access to energy, and has provided power on a pay-as-you-go (PAYG) basis to 30,000 homes in its two markets – Malawi and Uganda. The company raised a US$3.3 million Series A round back in September 2020, and has also expanded into Rwanda and Zambia. It has now concluded the final piece of a series of debt transactions, totalling US$23 million, with Lion’s Head Global Partners joining Triple Jump, SunFunder, SIMA and Trine in backing Yellow. “We were delighted to close our Series A in May 2020, that funding together with the debt facilities from our new partners give us the resources we need to serve at least one million more people,” said Ross Thompson, Yellow’s CFO.

Source: The North Africa Journal June 24, 2022 07:07 UTC