d.light, a Nairobi, Kenya-based global provider of household products and finance for low-income households, secured a $30m securitization facility from the Eastern and Southern African Trade and Development Bank Group (TDB Group).
The company has the capability to purchase up to $125m of receivable assets.
The new funding brings total potential in securitized financing raised since 2020 to USD$490m.
Founded in 2007 at Stanford in California by Ned Tozun and Sam Goldman, and led by CEO Nick Imudia, d.light is a global leader in providing products to low-income families. The company has sold nearly 30 million products, including solar lanterns, solar home systems, TVs, radios, and smartphones.
d.light will use the capital to increase its existing securitized financing facility in Tanzania and scale up its low-cost Pay-Go personal finance service in the country.
The company has an office in Arusha City, Tanzania, that employs over 50 full-time employees. Its finance facility in the country works by leveraging the payments of d.light’s existing and future customers there for solar products purchased using its Pay-Go service. This is then used to raise funding to upscale the company’s activities and grow market share in the country.
FinSMEs
14/08/2023