Verdant Capital advises Tugende on a significant additional funding to grow it’s portfolio, further driving social impact in it’s key markets
Tugende, East Africa’s leading innovative MSME credit and asset-financing business, has closed an additional USD 16 million in debt financing. The overall funding round has been structured to include a subordinated debt tranche into the Ugandan subsidiary providing partial equity credit to be leveraged by senior lenders, as well as senior debt funding for its younger but rapidly growing Kenyan subsidiary. This latest round of debt funding was led by a leading European development finance institution (“DFI”), existing MSME-focused impact investors that increased their commitments to Tugende, and a decentralized credit platform backed by an iconic Silicon Valley-based venture capital […]