M-KOPA's growth and profitability is impressive and you've gotta give the team their flowers. But make no mistake, this was built on millions and millions in equity and debt earmarked for climate / PAYGO solar. They've raised ~$600m in funding (debt/equity/grants). Those assets (distro, backend, underwriting, debt facilities, human capital) were built over a decade by a company that was squarely trying to solve last mile energy in Africa. And for most of that time, the impact capital that backed M-KOPA also backed that mission. Today, they are primarily a PAYGO smartphone platform. There's now very little solar footprint on their site. We've gotta feel good for the team who've been able to pivot into a lucrative category with deep market pull. But we also need to ask ourselves what the last decade of impact investing has really yielded.

SIlicon Valley stablecoin startups are recognizing that African markets have uniquely high demand for their products. Many run LatAm + Africa strategies from Day 1. As I've said before, as much as Africa needs crypto, crypto needs Africa. Buckle up.