Ending 2021 Strong: Tugende Closes $17M in Additional Debt Investment

Tugende, a leading fintech lender specializing in asset finance in Uganda and Kenya, has closed $17M in new debt capital at the end of 2021, supporting strong end of year growth and expansion runway for 2022.

The new investments include a $5M local currency facility for Uganda from Nordic Microfinance Initiative (NMI), $6M from existing lender Symbiotics, and $1M from crowdfunding platform Lendahand, all to support growth in Uganda. In addition, Tugende received $5M from innovative lending platform Goldfinch for its Kenya operations to fuel scale up in this second market where it already has five branches. The capital will help meet Tugende’s continued intense customer demand and waiting lists, and also support further technology driven innovation to serve clients far beyond one asset being financed.

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