Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Sunday, September 7
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Tugende Closes Pre-Series B Funding Raising a Total $10 Million In Equity and Debt Transactions
    TUGENDE CLOSES PRE-SERIES B FUNDING RAISING A TOTAL $10 MILLION IN EQUITY AND DEBT TRANSACTIONS ARRANGED BY VERDANT CAPITAL

    Tugende Closes Pre-Series B Funding Raising a Total $10 Million In Equity and Debt Transactions

    0
    By Oluwasegun Olukotun on October 11, 2022 Africa, Fintech, Funding, Investments, SMEs

    Fintech platform for MSME credit and asset-financing in East Africa, Tugende has closed a pre-Series B equity funding from existing shareholders led by Partech and two new investors, including Women’s World Banking. Verdant Capital served as Tugende’s financial advisor and arranger with respect to its equity and debt capital raises.

    The new investors add to the diversity of Tugende’s shareholding and complement the experience and skills that each contributes to Tugende’s growth. Along with a recent debt closing, the combined USD 10 million investment further strengthens Tugende’s balance sheet, allowing it to increase portfolio growth and address a significant credit demand amongst MSMEs, particularly after the strict lockdowns of 2020 and 2021.

    Tugende is a digitally enabled lender specialising in asset finance and credit scoring. It has supported more than 55,000 clients in Uganda and Kenya to own income-generating assets and build credit profiles to unlock additional opportunities as they grow their businesses. More than 900 employees ensure the company remains the go-to provider of credit to MSMEs and help keep Tugende’s market-leading portfolio quality and cost of risk strong.

    CJ Juhasz, Chief Investment Officer of Women’s World Banking Asset Management (“WAM”), said, “We’re excited to join Tugende’s journey. Tugende is a leader in reaching and de-risking underserved individuals and businesses for financial services to grow and create jobs. Women’s World Banking is dedicated to economic empowerment, and we are particularly keen on investing at the intersection of mobility and finance, as the empowerment potential for individuals, especially women, is multiplied. Tugende’s leadership is visionary, cares deeply about its mission, and brings the experience to achieve its ambitious plans. We look forward to teaming up with Tugende as it drives financial inclusion pan-Africa and increases the number of women served in its business ecosystem.”

    WAM invests in innovative inclusive finance companies in emerging markets, guiding them to capture the substantial market share of financially under-served women and the substantial talent pool of women staff and leaders. WAM’s first fund was a pioneer of gender-focused impact investing in inclusive financial service providers. WWBCP II expands the gender-focused investment strategy in innovative financial service providers, with a dedicated technical assistance facility to help portfolio companies achieve strategic objectives toward gender inclusion.

    Michael Wilkerson, co-founder and CEO of Tugende, comments: “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.”

    Related

    Africa Funding Tugende
    Share. Facebook Twitter Pinterest LinkedIn Email
    Oluwasegun Olukotun

    Related Posts

    Africa’s Business Heroes announces 2025 Top 20 finalists for US$1.5 million prize

    MTN opens talks with Telkom over potential acquisition deal

    Anthropic secures $13B in Series F funding, pushing valuation to $183B amid explosive growth

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.