Verdant Capital has an extensive and diversified track record of advising companies across the Continent since 2013. Verdant Capital has completed or is currently executing transactions in 21 African countries.
Tugende, a leading technology enabled MSME lender in East Africa, has closed an additional round of USD 3.6 million equity funding bringing the total amount raised in its Series A equity financing to USD 9.9 million. The latest round was led by Partech Africa, a member of the Partech Group and a leading global technology venture capital fund, and Enza Capital, an early-stage venture capital fund that focuses on partnering with founders and management teams that leverage technology in scaling their business while solving social issues. This round is complementary to the first round led by Mobility 54, the Africa-focused venture […]
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Category: Transactions
Date: 16 December 2020
Verdant Capital completes its third fintech transaction in 2020 with the closing of the final leg of a USD 13 million debt and equity raise for the South African innovative car subscription business, Planet42. The capital raise follows transactions completed by Verdant Capital for innovative productive lease-financing business in East Africa, Tugende and technology-driven SME lender in South Africa, Retail Capital. Verdant Capital raised a total of USD 40 million in the sector in 2020, evidencing strong support for the sector in Africa from a variety of investors types, and from investors from around the World. In total in Africa in […]
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Tugende has raised USD 10 million in debt and equity capital from a consortium of investors arranged by Verdant Capital. This capital raise includes a strategic equity investment by Mobility 54, the Africa-focused investment fund of Toyota Tsusho Corp. This adds further strength to Tugende’s balance sheet and pushes the total balance sheet size above USD 30 million. Additional details on the equity raise can be found here. Tugende’s business has rebounded robustly after the lockdowns imposed in Uganda to help stem the spread of the COVID-19 virus. Since the relaxation of the lockdowns, Tugende’s client payments have recovered to […]
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Verdant Capital secures USD 6 million of debt funding for a leading Ugandan technology-driven leasing business. The funding is part of Verdant Capital’s overall funding programme for Tugende from international specialist investors for the expansion of Tugende’s productive asset finance portfolio, the bulk of which is leases for motorcycle taxis. This debt funding programme has strengthened Tugende’s diversification of its funding base and represents a strong platform for further successful raises from the international specialist market internationally. Part of the funding shall be drawn immediately, and part shall be drawn following the completion of the forthcoming equity round, on […]
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Verdant Capital has raised approx. USD 10 million for Premier Credit from leading international specialist investors. Premier Credit is a microfinance arm of Platcorp Holdings and its loan products include MSME loans, loans to schools (education portfolio) and asset financing in Kenya, Uganda and Tanzania. The funding will be used for the expansion of its loan book in Kenya and Uganda. A total of five investors have joined this funding round. This funding brings diversification benefits after the group has been historically supported mainly by shareholders, high net worth individuals (HNIs) and other local investors. Premier Credit was […]
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Verdant Capital’s successful sale of afb Ghana on behalf of JUMO World has been awarded the accolade, best financial services transaction in Africa 2017. Full financial details were not disclosed but at the time of sale, afb Ghana had total assets of GHS 97 million (approx. USD 23 million). JUMO World is a leading Africa fintech business, which elected to sell the afb Ghana when it ceased to be core to its operations. The transaction was awarded the accolade in recognition of the breadth of interested generated in the transaction, including from local financial institutions, regional pan-African institutions and private […]
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Letshego has announced the completion of the acquisition of afb Ghana following final regulatory approvals. afb Ghana was launched in 2010 and has total assets of GHS 97 million (approx. USD 23 million), making it now one of the largest consumer and micro lending institutions in Ghana. JUMO World advised by Verdant Capital, has sold the business in order to focus on its core financial technology business. Letshego Holdings Limited, is a leading pan-African inclusive finance institution, listed on the Botswana Stock Exchange, with total assets of BWP 7.5 billion (approx. USD 710 million). The transaction is one of a series of successful transactions […]
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Trustco Bank, formerly FIDES Bank, has started micro and SME-lending, following the first disbursement from the European Investment Bank (EIB) of its EUR 7.5 million (equivalent) facility. The facility from EIB was part of a ZAR 450 million group funding arranged by Trustco’s advisors, Verdant Capital, which was announced in November 2016. The overall ZAR 450 million of funding is being used to support, Trustco Bank, Trustco Finance (Trustco’s education lending business) and Trustco’s property development business, which is focused on affordable housing. In 2014, Trustco acquired FIDES Bank which had been known as the micro/SME bank in Namibia. The […]
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Category: Transactions
Author: Ollen Machimbirike
Date: 17 January 2017
afb Ghana was launched in 2010 and has total assets of GHS 97 million (approx. USD 23 million), making it now one of the largest consumer and micro lending institutions in Ghana. Jumo World, which is backed by leading specialist funds such as Leapfrog, Vostok and Gemcorp, is divesting from afb Ghana in order to focus on its core financial technology business. The acquirer of the business is Letshego Holdings Limited, a leading pan-African consumer and micro finance institution, listed on the Botswana Stock Exchange, with total assets of BWP 7.5 billion (approx. USD 710 million). afb Ghana’s strategy of […]
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Verdant Capital has successfully arranged for First Allied Savings and Loans, a leading Ghanaian financial institution, a loan facility amount of GHS 13 million (approx. USD 3.2 million) from a leading international impact investor. This facility is the first tranche of a private placement debt deal of GHS 60 million (approx. USD 15 million), the balance will close early in the new year. The institution has total assets of around USD 90 million with about 63% of its loan book is represented by micro-enterprise loans and 34% by SME loans. SMEs and micro-enterprises are critical for the economic and social […]
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Category: Transactions
Author: Ollen Machimbirike
Date: 7 November 2016
Verdant Capital has completed for Namibian financial services and property group, Trustco, a debt financing of approx. ZAR 450 million. Trustco is listed on the JSE and the Namibian Stock Exchange with a market capitalization of ZAR 2.9 billion (approx. USD 215 million). The financing represents the second largest equity or debt financing by a Namibian-owned private sector company. The funds raised will be deployed principally in Trustco’s banking and finance segment, through Trustco Bank and Trustco Finance, the Company’s principal lending arms. The funds will be mainly used for home loans, small enterprise and individual business loans, as well […]
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Verdant Capital has arranged for leading Zambian non-bank financial institution, Pan African Building Society (PABS) a revolving credit facility to support its invoice discounting and supply chain financing activities. The initial facility amount is USD 3 million, with the opportunity to upsize, and the financing is supported by technical assistance. The intention is that the financing structure will provide a platform which other funders may ultimately join. PABS is a leading Zambian deposit-taking financial institution regulated by the Bank of Zambia under the Banking and Financial Services Act and the Building Society Act. The institution has a total balance sheet […]
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Category: Transactions
Author: Edmund Higenbottam
Date: 23 February 2016
Verdant Capital continues to be highly active in the fertiliser & agri-inputs sector in Africa in 2016, following in 2015 the sale of Greenbelt Fertiliser to Yara, and the acquisition of an agri-chemicals packaging business in South Africa for global market leaders, Ipackchem Group of France.
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Category: Transactions
Author: Edmund Higenbottam
Date: 7 December 2015
Yara has acquired Greenbelt Fertilisers as part of the ongoing expansion of its downstream footprint in Africa and globally. The transaction illustrates the continued appetite on the part of global fertiliser majors to expand in Africa in both the upstream and downstream businesses.
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Verdant Capital has raised c USD 10 million equivalent in local currency debt financing for leading Zambian micro-SME and consumer lender, Madison Finance. The transaction was successful notwithstanding the macro economic challenges facing Zambia, and demonstrates the depth and resilience of Verdant Capital’s investor franchise. European Investment Bank was the largest investor in the transaction, which was shared by a large private institution based in South Africa. The transaction represents the first internationally sourced senior debt financing raised by Madison Finance. The transaction was signed late in 2014, and closed in H1 2015 following the satisfaction of final conditions precedent. […]
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