Kenya-based micro-lending platform Watu Credit has reportedly nabbed $1.5m in a debt financing round from Shinnecock Partners.
This loan is made through lending platform Lendable, which has the off-balance sheet programme, according to an article by TechMoran. This debt financing from Shinnecock marks its first time making a deal of this sort in Africa, it said.
Watu Credit?is a lease-to-own motorcycle taxi lender, which helps borrowers get access to boda boda motorcycles on credit.
The company is planning on expanding across Kenya, to include Central, Rift and Western Kenya by the end of next year. Through the lending, Watu hopes to expand its operations by 10-times, according to the report.
This month has also seen several other investments into Africa-based companies, with mobile lender Branch International raising $2m in debt financing. The capital is to help the company with its expansion efforts in East Africa.
Earlier this month, Africa-based blockchain payments platform BitPersa closed its Series A round on $10m. The equity is to be used for international growth in Africa, the Middle East and Europe.
Investments into the FinTech sector in the last quarter grew by over 50 per cent of that raised in Q1 2017, even though there were 35 less deals made.
Copyright ? 2017 FinTech Global
