Dealflow | March 31, 2021

East Africa’s Tugende scores $3.6 million to expand micro-business lending

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, March 31 — The Kampala-based social lender, which finances the purchase of motorcycle taxis for Ugandan and Kenyan “boda boda” drivers, is expanding to other income-generating equipment (see, “Tugende helps Uganda’s motorcycle taxi drivers survive the lockdown – and raises $6 million to grow again). 

The extended Series A round, led by Partech and backed by Enza Capital and angel investors in the region, will help Tugende expand its financing to cars, boat engines and refrigerators.