Tugende Raises $17 Million in Debt to Expand Vehicle, Equipment Financing for MSMEs in Kenya, Uganda
Tugende, a financial technology (fintech) firm specializing in vehicle finance in Uganda and Kenya, recently raised USD 17 million in debt funding. The firm plans to use USD 12 million of the fresh cash to support growth in Uganda and the remainder to scale up in Kenya.
While Switzerland-based impact investing firm Symbiotics is increasing its exposure to Tugende by USD 6 million, the other investors are new to the firm: (1) US-based Goldfinch, a lending platform facilitating USD 5 million for Tugende; (2) the Nordic Microfinance Initiative (NMI), a Norway-based public-private partnership investing local-currency worth USD 5 million; and (3) Netherlands-based Lendahand, which raised USD 1 million for Tugende via its crowdfunding platform.
Photo courtesy of IMF Focus | Transportation.