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# Uganda's Tugende closes $10 million in pre-Series B financing
- URL: https://www.techloy.com/tugende-closes-10m-pre-series-b-round/
- Published: 2022-10-11T16:02:00.000Z
- Updated: 2022-10-11T16:02:00.000Z
- Author: Acquah Nana Yeboah
- Tags: / Fintech, Uganda, Tugende

Fintech platform for MSME credit and asset financing in East Africa, [Tugende](https://gotugende.com/) has announced the close of a pre-Series B equity funding of $10 million from existing investors led by Partech and two new investors.

- Tugende was founded in 2012 by Michael Wilkerson. The company which has operations in Kenya and Uganda uses asset finance, technology and a customer support model to help micro, small and medium-sized enterprises own income-generating assets.
- Tugende has helped 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. Tugende has more than 900 employees who ensure the company remains the go-to provider of credit to MSMEs.
- Along with a recent debt closing, the combined $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.
- The MSME credit gap across sub-Saharan Africa amounts to more than $331 billion, with a gap of $37 billion in East Africa alone. Tugende is tackling this using asset finance, technology, and industry-leading data analytics to unlock growth for informal and formal businesses.