Goldfinch provides Tugende with a $5M debt facility to scale its operations in Kenya
We are excited to share that the Goldfinch protocol has provided Tugende, an East-African asset-financing fintech company, with a $5M borrower pool to fund the growth of its operations in Kenya.
Website
Geography
Kenya
Borrower Pool
$5M, Pool Link
Description
Tugende is tackling the credit gap for small businesses in Africa by enabling informal entrepreneurs to:
- own income-generating assets,
- build a verifiable digital credit profile with Tugende based on real-world earnings, and
- earn future growth opportunities through the Tugende digital platform, including discounts, smartphones, e-commerce opportunities, and on-demand credit lines.
Starting with motorcycle taxis in Uganda and Kenya, Tugende has served over 52,000 clients on their path to ownership and increased earnings while maintaining industry-leading portfolio quality with loan loss rates under 1%. Today, Tugende’s primary customers are motorcycle taxi (boda-boda) operators. In a market where the norm is for operators to rent motorcycles at exorbitant costs, the company provides affordable asset financing that allows these operators to own their motorcycles — doubling their profits from $5/day to $10/day. Their asset finance packages also include life and medical insurance, high-quality safety gear, training, and business permits.
Below are a few key facts on Tugende:
- They have financed over $50M worth of income-generating assets with loan loss rates under 1%
- They have over 28,000 active clients
- 21,000 assets have already been fully owned by alumni clients
- They employ over 750 full-time staff in Kenya and Uganda
You can learn more about Tugende here
