Yellow, a fintech startup which finances alternative energy in Malawi and Uganda, has received a US$23 million loan to expand its footprint.
SA startup Lion’s Head Global Partner, a London-based private investment bank specialising on emerging and frontier countries, especially Africa, led the funding round
Founded in 2017 by Michael Heyink and Maya Stewart, the startup uses an online platform to sell solar kits for African households.
Essentially, Yellow leases equipment to persons outside standard electricity distribution networks. The money is reimbursed periodically at a set interest rate in the service agreement.
Yellow has enhanced energy availability for over 400,000 people while also reducing CO2 emissions by 12,000 tons per year by replacing kerosene with clean solar illumination and other devices. In addition, the company has created approximately 800 jobs in the area.
Yellow builds cutting edge software to enable its sales force to serve customers in Africa, explains Ben Walwyn, Yellow’s CTO and architect of Ofeefee, the company’s end-to-end platform.
