SA fintech startup Yellow secures $23m debt funding to broaden asset-backed finance mannequin
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 additional.
Based in 2018 by Mike Heyink and Maya Stewart, Yellow is a digital retail enterprise at the moment targeted on entry to power, and has supplied energy on a pay-as-you-go (PAYG) foundation to 30,000 houses in its two markets – Malawi and Uganda.
The corporate raised a US$3.3 million Sequence A spherical again in September 2020, and has additionally expanded into Rwanda and Zambia. It has now concluded the ﬁnal piece of a collection of debt transactions, totalling US$23 million, with Lion’s Head International Companions becoming a member of Triple Soar, SunFunder, SIMA and Trine in backing Yellow.
“We have been delighted to shut our Sequence A in Might 2020, that funding along with the debt amenities from our new companions give us the assets we have to serve not less than a million extra individuals,” mentioned Ross Thompson, Yellow’s CFO.