Fintech platform for MSME credit and asset financing in East Africa, Tugende 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.