Pan-African fintech M-KOPA has made the Financial Times’ “Africa’s Fastest Growing Companies” list for the fourth consecutive year, reporting a compound annual growth rate (CAGR) of 42% between 2020 and 2023. The company says revenue surged by more than 65% year-over-year in 2024 and is on track to exceed $500 million in annual sales in 2025.
The growth cites investor and customer demand for financial services targeted at underserved, informal earners across the continent.
“We are thrilled to make the FT Fastest Growing Companies in Africa list for the 4th year in a row. Our growth continues to accelerate, and we now onboard a new customer to M-KOPA every 9 seconds,” said Jesse Moore, CEO and co-founder.
Founded to address financial inclusion gaps, M-KOPA offers asset financing, primarily for smartphones, to low-income, non-salaried consumers. Over half of its customers are accessing the internet for the first time through financed devices. Once onboarded, users gain access to credit, insurance, and subscription services through M-KOPA’s platform.
“Thanks to Africa’s digital payment rails, we now receive 15 payments per second, which in turn creates a unique and deep dataset to understand the financial needs of everyday earners,” Moore added. “We are still in the early stages of scaling, with an addressable market that will surpass 1 billion people in Africa by 2040.”
In 2023, M-KOPA opened East Africa’s largest smartphone assembly plant, producing over 1 million units annually and creating more than 300 jobs. The company followed that with the 2024 launch of its own branded smartphones, which now account for over 20% of all smartphones sold in Kenya.
As of 2025, M-KOPA reports acquiring more customers outside Kenya than within it, with rapid expansion across Nigeria, Ghana, Uganda, and South Africa. The company’s social and financial impact is independently audited and published annually.
M-KOPA’s performance places it among a small cohort of African fintechs demonstrating both scale and profitability while targeting historically excluded consumer segments. The firm is privately held.
