Verdant Capital Completes a Debt Financing of approx. USD 10 million for Premier Credit
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 incorporated in 2013 and began operations in 2014 in Kenya. It expanded to Uganda in 2014 and to Tanzania in 2015 with the acquisition of Fanikiwa Tanzania from Gatsby Charitable Trust.
In East Africa, MSMEs are a crucial part of the region’s economic growth despite continuous depressed conditions. MSMEs employ nearly 80% of the region’s labour force and contribute nearly 30% towards the region’s economic output.
Verdant Capital acted as sole advisor and arranger to Premier Credit.