TechInAfrica – Running in Uganda and Kenya, Tugende, as a mobile-based asset finance company, declared the completion of investment led by Toyota Tsusho Mobility 54. The total amount of funds investing in this Series A investment is USD 6,3M. Mobility 54 is not the only participant in this series, there are U.S.-based Global Partnerships’ Social Venture Fund, current shareholders including Denali Venture Philanthropy and Segal Family Foundation, and new angel investors.
Tugende was launched in 2012, and today it is operated in Kampala, Uganda. In an attempt to help the micro, small, and medium business, this company used asset finance, technology, and a high touch customer support model to achieve the income-generating asset. Tugende also helps more than 30.000 clients and handled the USD 331 billion credit gap facing micro, small, and medium business across Africa. This new investment forced Tugende to improve its technology platform, both for internal operation as well as the offer faced by clients – including Tugende’s dynamic credit score that was received by clients automatically.
The CEO of Mobility 54, Takeshi Watanabe says that his company is excited to participate in this investment for Tugende. He also added that the financial inclusion for MSM businesses and entrepreneurs are the essential factors for the sustainability of development across Africa. CEOs from other companies that participated in this series also acknowledged that it is an honor for them to help Tugende in improving their service to speed the growth of the finance sector in Africa.
Supporting the statement from those CEOs, Tugende also uses the capital of investment to increase the advanced financing product for drivers and speed up the verification to be the MSM business asset finance products, including tools for a retail store, agriculture, advanced mobility, as well as e-mobility.