Yellow has raised $14 million in series B funding, which it uses to finance solar energy and digital gadgets for Africa.
Yellow founder and CEO, Mike Heyink, disclosed the funding in a statement on Monday.
The series B funding round was led by Convergence Partners with participation from the Energy Entrepreneurs Growth Fund.
Mike Heyink and Maya Stewart founded and launched Yellow in Malawi in 2018 with the goal of first bringing solar energy to the nation, which has some of the least access to electricity in the world.
Since then, it has expanded over all of Africa and broadened its product line to include devices like smartphones.
“The newly injected capital is being used to leverage more debt finance to reach more customers with financed smartphones and solar systems.
“While the business will broaden its product offering to include other mobile financial services, growth will be fueled primarily by deepening our expertise in our existing product categories,” said Heyink.
With one of the lowest rates of access to electricity in the world, Mike Heyink and Maya Stewart founded and launched Yellow in Malawi in 2018.
Their initial goal was to deliver solar energy to the nation.
Since then, it has expanded across Africa, broadened its product line to include devices like cellphones, and boosted its market share.