Watu Credit Uganda, one of Uganda’s leading asset financing companies, has received a $10 million investment from Verdant Capital through its Verdant Capital Hybrid Fund.
Specifically focused in the business of financing two-wheelers, Watu says the investment will provide Watu with more capital to finance motorbike taxis thereby helping to expand its business across the country. In addition, Watu is expected to benefit from initiatives supported by the Fund’s technical assistance facility.
Established in 2015, Watu Credit is an Asset FinTech revolutionising financial inclusion across Africa. It is building an ecosystem for unbanked and underserved individuals by providing access to tools that enhance digital literacy, economic growth, quality of life and opportunity. So far, Watu has provided over 380,000 loans across 7 countries and has positively impacted the lives of more than 2 million people.
Watu’s business model provides an affordable route for riders to attain financial stability, the ability to participate in the economy and, in many cases, the first opportunity to have tangible wealth in the form of ownership of a motorbike. Its operations are backed by the strong use of technology, including automated processes, GPS tracking tools for the motorbikes and the exclusive use of digital payments via mobile money wallets.
Verdant Capital is an investment manager and investment bank specialising in the private capital markets and operating on a pan-African basis. Verdant Capital is the manager of the Verdant Capital Hybrid Fund which is a a USD 100 million fund (target final closing). The Fund is targeting high developmental impact, including job creation and income generation through SMEs and micro-entrepreneurship. The Fund is targeting specialist banks, microfinance institutions, leasing, and factoring companies, fintech and other non-bank financial institutions.
Verdant Capital recently announced a $10 million investment in a Ghanaian fintech startup, Zeepay,
