Okapi Technologies, a residential solar financing platform based in Malaysia, has closed an up to US$2 million debt facility arranged by Aquila, an IoT-powered sustainable finance company with operations across Vietnam, Singapore, Malaysia, and Indonesia.
The funding will accelerate Okapi’s expansion of solar energy adoption for homeowners and small businesses in Malaysia and the wider Southeast Asian region through innovative financial solutions.
This round comes over a year after Okapi announced its official launch in Malaysia with the closure of a new funding round led by impact investor The Radical Fund. Ninja Van co-founders Lai Chang Wen and Shaun Chong also joined the round.
Okapi’s flagship product, Okapi Solar, offers a “unique” underwriting model and a point-of-sale mobile application. This empowers solar installer-partners to provide zero upfront financing plans for up to ten years, effectively removing significant financial barriers for homeowners seeking to adopt solar power instantly.
Furthermore, Okapi recently launched Okapi Flow, a supply chain financing solution leveraging proprietary data to provide procurement, logistics, and inventory financing for its solar installer partners. This initiative aims to facilitate faster growth and improved access to financial products for small businesses within the solar sector.
Also Read: The Radical Fund, Ninja Van co-founders invest in Malaysian solar financing startup Okapi
To date, the startup has financed over 200 solar power systems and boasts a network of 50 installer partners across Malaysia, the Philippines, and Indonesia.
Lai Zhern Yung, CEO and co-founder of Okapi, stated: “Despite significant cost reductions in small-scale solar installations over the past decade, high upfront investment requirements and supply chain inefficiencies still hinder widespread adoption in Southeast Asia. Aquila’s strong collaboration and alignment with our vision will be invaluable as we continue to bridge the financing gap and accelerate the green transition in the region.”
Stefano Pellegrino, CEO of Aquila, commented: “Okapi’s business model—enabling EPC contractors to offer a leasing model for solar installations—is fuelling rapid growth. Since their expansion depends on their ability to finance EPCs, this partnership aligns perfectly with our financing strategy. Their focused approach to climate technology also enhances credit assessment efficiency, while API integration with solar installation data provides us with confidence in the value of deployed assets.”
The timing of this funding round is strategic, as electricity tariffs in Okapi’s home market of Malaysia are set to rise in the second half of the year. This, coupled with the National Policy on Climate Change 2.0, highlights the Malaysian government’s commitment to a more sustainable low-carbon economy.
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