Expanding Access to Essential Tech and Power

South African startup Yellow has announced a successful Series C funding round led by Convergence Partners, the same firm that spearheaded its $14 million Series B in 2023. While the exact amount raised remains undisclosed, this investment will fuel Yellow’s mission of providing affordable solar energy and digital devices to underserved communities across Africa.

Founded in 2018 by Mike Heyink and Maya Stewart, Yellow operates on a “pay as you go” (PAYG) model, enabling low-income households to finance essential products like smartphones and off-grid solar systems. The company leverages AI-powered credit scoring to assess customers and extend financing for these transformative technologies.

With over 200 employees and a customer base exceeding one million, Yellow has already demonstrated significant impact in expanding access to electricity and digital inclusion. This latest funding will support further expansion into key markets including Malawi, Zambia, Uganda, Rwanda, Madagascar, the Democratic Republic of Congo (DRC), and Nigeria.

“We’re thrilled to deepen our partnership with Convergence,” said Mike Heynik, CEO of Yellow. “This investment puts us on track to reach our goal of serving 10 million customers by 2030.” The company recently celebrated its milestone of reaching one million customers served, highlighting the growing demand for accessible energy and digital solutions in Africa.

Convergence Partners echoed their confidence in Yellow’s potential. “We’ve been impressed with Yellow’s progress since our initial investment,” stated Brandon Doyle, CEO of Convergence Partners. “This decision reflects our continued belief in the business and its ability to create lasting impact across the continent.” The partnership underscores a shared commitment to leveraging technology for social good in African markets.