Tugende, the East African fintech platform providing asset financing and digital services to small businesses, announced it has raised a pre-Series B investment round led by current shareholder Partech Africa. Existing investors including Mobility 54, Enza and Global Partnerships participated, and were joined by strong new partners including global financial inclusion fund Women’s World Banking Capital Partners II (WWBCP II).
CJ Juhasz, Chief Investment Officer, Women’s World Banking Asset Management: ''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.''
This additional equity capital will allow Tugende to sustain its growth momentum, continue the roll-out of digital-first products and to deepen its offering to new and repeat customers and their communities. The investment, structured in Q1 2022, further improves Tugende’s balance sheet and stakeholder base in advance of an upcoming Series B round. Previously, Tugende closed $9.9 million of Series A funding in late 2020 and early 2021, led by Mobility 54 and Partech Africa, with additional participation from Global Partnerships, Enza Capital and numerous angels.
Tugende has rebounded strongly from Covid-19 related lockdowns in Uganda and Kenya, launching new products and locations, and winning both the Inclusive Fintech 50 award in 2021 and the 2022 Financial Inclusion Award at the African Bankers Awards in recognition of its deep social impact and support for clients and staff during the worst of Covid’s economic shocks.
Michael Wilkerson, CEO, Tugende: ''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.''
Tugende received financial advisory support from Verdant Capital and legal support from Bowmans. By Pie Kamau, Africa Tech
