Ugandan FinTech lending business Tugende has scored $10m in pre-Series B equity and debt funding.
The funding was provided by Partech and Women’s World Banking, as well as another unnamed investor.
The company is a lender that specialises in asset finance and credit scoring. The company has supported more than 55,000 clients in Uganda and Kenya to own income-generating assets and build credit profiles to unlock new opportunities as they grow their businesses.
The new capital will help strengthen Tugende’s balance sheet and allow it to increase portfolio growth as well as address a significant credit demand amongst MSMEs.
The Ugandan firm said its business has emerged from the pandemic on a ‘strong and steady footing’ and is back on its high-growth trajectory.
Tugende added that the MSME credit gap across sub-Saharan Africa amounts to over $331bn, with a gap of $37bn in East Africa alone.
Tugende CEO and co-founder Michael Wilkerson said, “Tugende is committed to innovation and partnerships that remove barriers for people and businesses to build better futures. With partners such as WWB on board, Tugende will benefit from the added expertise in delivering Tugende’s Gender Action Plan and activating more women entrepreneurs in Tugende’s ecosystem.”
Payable, which has developed one platform for payment operations, recently raised $6.1m in funding to help companies move away from EBICs, bank files and spreadsheets.
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