Convergence Partners leads Yellow’s Series C funding round
Yellow provides asset-backed credit for smartphones and off-grid solar products.
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Convergence Partners, a tech investor in sub-Saharan Africa, has led the Series C funding round in its existing portfolio company Yellow, a fintech business providing asset-backed credit for smartphones and off-grid solar solutions.
Yellow’s key operational markets are Malawi, Zambia, Uganda, Rwanda, Madagascar, the Democratic Republic of Congo (DRC) and Nigeria.
Brandon Doyle, CEO of Convergence Partners said, “Yellow has demonstrated significant progress since our initial investment. Our decision to lead this funding round reflects our continued belief in the business, its management team and the opportunity ahead.”
“Yellow is delighted to deepen our partnership with Convergence – the capital allows us to broaden our impact on the continent. Having recently served customer number 1 million, their investment puts us on track to achieve our target of serving 10 million customers with access to electricity and internet by 2030,” said Mike Heynik, CEO of Yellow.
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