Old Alliances Fracture as M-Kopa and Its Former CFO Fight Over the Numbers Meant to Define the Company’s Next Chapter

The public fight between M-Kopa and its former chief financial officer Chad Larson has grown into a broader struggle over control, narrative, and legacy. What began as a dispute over how employee shares should be priced in a new funding round has widened into a confrontation over the company’s direction. Larson’s decision to take his concerns to the Capital Markets Authority and to release his letter online set the stage for a conflict that now sits at the intersection of finance, governance, and personal history.

M-Kopa responded with a tone that suggested frustration rather than surprise. The company framed Larson’s moves as attempts to obstruct business progress, describing a pattern in which his interventions appear during sensitive periods. It is a firm still adjusting to the confidence that comes with its first net profit after many years of losses. The timing alone would have raised temperatures. The substance of his accusations raised them further.

The fight over what the company is worth

Larson’s central claim is simple. He believes the valuation being used for employee share buybacks during the ongoing Series F negotiations with Sumitomo Corporation is far too low. He argues that the company’s market position and recent financial performance point to a far higher number. M-Kopa rejects this view and says his range, which reaches as high as ten billion dollars, is detached from any realistic financial model. The company noted that such a figure would place its value beyond Kenya’s largest listed businesses combined.

Behind the arguments lies a company with a complicated ownership structure anchored in the United Kingdom. That structure determines where disputes are supposed to be heard, which is why M-Kopa and Larson have already crossed paths in court. His earlier case, which sought to interrupt the funding round, was withdrawn. The firm points to inconsistencies in his affidavit. Larson has not publicly explained the withdrawal, choosing instead to continue the fight through public letters and regulatory filings.

Regulators pushed into the debate

The CMA briefly appeared in the narrative after Larson sent a letter urging the regulator to review the valuation process. The authority did not take long to distance itself. M-Kopa is not listed in Kenya. Its shares trade privately between third parties through a UK structure, placing the inquiry outside the CMA’s jurisdiction. The company then highlighted this in its own statement, perhaps to limit any impression that the regulator might intervene.

The moment nonetheless added a new layer to the dispute. Larson’s decision to publish his letter meant the conversation moved beyond legal filings and into public scrutiny. It forced M-Kopa to defend not only the valuation but also its handling of staff equity.

A parallel lawsuit that complicates M-Kopa’s defence

Another case sits in the background and adds weight to Larson’s framing. Former M-Kopa employee Elizabeth Njoki has sued the company over what she describes as a racially biased restructuring of employee ownership. She argues that shares available to African staff were reduced both in volume and valuation between 2019 and today. M-Kopa denies the allegation and has attempted to argue that the dispute belongs in UK courts. The Employment and Labour Relations Court has not yet resolved that question.

Larson points to her case as proof that employees have reason to doubt the fairness of the current valuation. M-Kopa sees it differently. The firm hints that Larson’s involvement in publicizing his grievances amplifies a narrative that undermines internal morale and investor confidence at a critical moment.

A company navigating growth, scrutiny, and unresolved history

M-Kopa’s rise has always carried tension. It is a firm built by foreign founders to serve African markets, which brings a constant negotiation over purpose, ownership, and accountability. Those negotiations tend to surface during capital raises. This funding round, backed by a global trading giant, adds more pressure than usual. Profitability has finally arrived. Expectations are larger than ever. Errors now carry higher stakes.

The breakdown between the company and its former CFO is not only about numbers. It is about who gets to define the company’s story as it moves into a new stage. Larson left years ago. His co-founder Nick Hughes has already moved on to a new venture. Jesse Moore is the remaining founder still involved in day-to-day leadership. As the cast narrows, the legacy questions grow sharper. The valuation dispute has become the arena where these threads collide.

What comes next for M-Kopa

The funding round with Sumitomo continues. Both sides show no sign of stepping back from their positions. Larson argues valuation fairness. M-Kopa argues that the company is dealing with a disruptive former insider. Courts and regulators have limited space to intervene due to jurisdictional boundaries.

The conflict now lives in public view. Its outcome will influence how other regional firms handle employee equity, founder disputes, and offshore corporate structures. For M-Kopa, it is also a test of how a young African-focused multinational responds when financial growth meets unresolved internal history.

Go to TECHTRENDSKE.co.ke for more tech and business news from the African continent.

Follow us on WhatsApp, Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke