Malaysian climate fintech startup Okapi Technologies raises funding from The Radical Fund

Okapi Technologiesa Malaysia-based climate fintech startup in the solar financing sector, announced on Monday the successful closing of its financing round and official launch in Malaysia, starting with the residential solar sector.

The round was led by The Radical Fund with participation from several strategic angel investors, including Lai Chang Wen and Shaun Chong, co-founders of regional logistics unicorn Ninja Van, Okapi Technologies said in a statement.

“Malaysia’s vibrant renewable energy ecosystem, stable regulatory frameworks and forward-thinking government policies made the decision easy for us to launch here as our first market in Southeast Asia,” said Zhern Yung, who spent seven years at Ninja Van, where he last served as vice president of corporate development and treasury, managing fundraising initiatives and strategic mergers and acquisitions.

“With this raise we will continue to develop innovative solutions to democratize access to affordable solar energy for all homeowners, while creating a new asset class supported by green, responsible and safe income streams for environmental investors , social and governance (ESG) issues globally. ,” he adds.

Okapi Technologies was founded by Lai Zhern Yung and Christopher Kwong, both Malaysians and former bankers and engineers.

Addressing the financing gap, the company’s proprietary platform connects clean energy investors with solar retailers, installers and engineers, procurement and construction (EPC) nationwide through a comprehensive integrated financing and management solution of the projects.

With its instant credit decision engine, the company enables solar industry stakeholders to deliver positive cash flows
leasing plans for up to ten years for homeowners at the point of sale, accelerating sales cycles and increasing conversion rates.

This mechanism eliminates all logistical and psychological barriers that prevent families from accessing lower cost public services, thus significantly reducing greenhouse gas emissions and carbon footprint, while contributing to
Malaysia’s Net Zero target.

Okapi Technologies also offers financiers a unique entry into the Southeast’s energy transition by creating an emerging, secure asset class capable of delivering stable, long-term returns.

Since its inception 18 months ago, the company has maintained a 0% late payment and default rate, demonstrating the strength of its business and lending model.

With more than 300 leads per month from solar partners and direct inquiries, the company said it is ready to scale its model effectively.

Currently, the rooftop solar industry in Malaysia is booming, driven by supportive government policies such as the SolaRIS rebate introduced in April 2024 of up to MYR4,000 ($849) per household to install solar power systems on the roofs.

However, high upfront costs remain a significant barrier to adoption among middle-income families.

Industry insiders, including those at Tenaga Nasional Berhad, Malaysia’s national utility company, have blamed high upfront prices as the main barrier to greater adoption of rooftop solar among homeowners.

Furthermore, the region lacks adequate financing options for such a long-lived productive asset.

Additionally, Malaysia’s National Energy Transition Roadmap (NETR) estimated that up to MYR1.85 trillion (US$392 billion) in financing will be needed to achieve energy transition goals by 2050.

“We are proud to support Okapi Technologies in transforming solar financing in Southeast Asia, making solar energy affordable and accessible to all,” said Alina Truhina, CEO and Managing Partner of The Radical Fund.

“By providing competitive capital and investing in quality solar assets, Okapi Technologies removes barriers to residential solar adoption,

“Each installation generates 800-1,000 kWh per month, accelerating the region’s renewable energy transition, reducing greenhouse gas emissions and enabling middle-income families in Southeast Asia to reduce utility costs and ensure price stability of energy,” he added.

Since its launch, Okapi Technologies has established business partnerships with dozens of solar companies in the country and aims to finance the installation of 100 residential solar power systems per month by the first quarter of 2025.

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