• About
  • Advertise
  • Careers
  • Contact
Sunday, June 4, 2023
  • Login
No Result
View All Result
WRITE FOR US
Now Then Digital
23 °c
Kampala
23 ° Mon
23 ° Tue
23 ° Wed
22 ° Thu
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
    MTN Webphone with Webex launch

    MTN Uganda Relaunches MTN Webphone with Webex: Connecting Customers Worldwide

    Airtel Uganda Transtel Offer eSIM Enabled Devices

    Airtel Uganda and Transtel Uganda Partnership: Introducing eSIM Devices on Hire Purchase

    Airtel Uganda SIM-less eSIM card

    Airtel Uganda Launches eSIM, Offering Convenience and Flexibility

    What to expect from Talkio Mobile uganda

    Talkio Mobile: A New Player in Uganda’s Mobile Network Scene

    Xiaomi Kenya Redmi Note 12

    Xiaomi Launches the Redmi Note 12 Series in Kenya, Featuring Four New Devices

    Use The Same WhatsApp Account On Multiple Phones

    WhatsApp Launches ‘Companion Mode’ for Android Users, Enabling Multi-Device Messaging

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • ENTERTAINMENT
    • All
    • Movie
    • Music
    • Sports
    Manchester City beats Manchester United in the FA Cup

    Manchester City Makes FA Cup History with 2-1 Win Over Manchester United

    halle bailey net worth

    Halle Lynn Bailey: Rising Star with a Multifaceted Career

    estimated net worth of Lewis Capaldi

    Lewis Capaldi: The Journey to Stardom and Financial Success

    Trace Award and Festival 2023

    TRACE Celebrates 20th Anniversary with Inaugural Awards Ceremony and Festival in Rwanda

    Al Pacino Expecting Fourth Child with Girlfriend Noor Alfallah

    Al Pacino, 83, and Noor Alfallah Expecting Their First Child Together

    ari melber biography

    The Relationship Status of Ari Melber: Updates on the Personal Life of the News Anchor

    bill russell

    Remembering Bill Russell: A Look into His Personal Life, First Wife Rose Swisher and Legacy

    Nandi Madida Joins Apple Music

    Nandi Madida Joins Apple Music as the New Host of Africa Now Radio

    nader barrak dorah mwima expecting sixth child

    Nader Barrak and Dorah Mwima: Expanding their Family and Celebrating Milestones

  • LIFESTYLE
    • All
    • Fashion
    • Food
    • Health
    • Travel
    hemorrhoids dietary supplement

    The Top Hemorrhoids Dietary Supplements for Effective Relief

    hydrocortisone cream for hemorrhoids

    Hydrocortisone Cream for Hemorrhoids: Managing Symptoms and Proper Usage

    how to support a partner with male factor infertility

    Supporting a Partner with Male Factor Infertility: Strategies for Navigating the Journey Together

    mounjaro from eli lilly

    The Science Behind Mounjaro Weight Loss: How It Works

    Therapy Help With Imposter Syndrome

    Overcoming Imposter Syndrome: Assessing Your Situation with Online Tests

    shania twain weight loss 2022

    Shania Twain Weight Loss Journey: How She Shed the Pounds

    Tusker Lite Mt Rwenzori Marathon dates location

    The 2023 Tusker Lite Mt Rwenzori Marathon: A Celebration of Athletics and Natural Beauty

    Imposter Syndrome Test

    Imposter Syndrome Test – How to Recognize and Overcome Imposter Syndrome

    what causes imposter syndrome

    How to Build Confidence and Overcome Imposter Syndrome

    Village Naturals Therapy

    Village Naturals Therapy: Soothing Bath Products for Aches and Pains

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • TIPS & ADVICE
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
    MTN Webphone with Webex launch

    MTN Uganda Relaunches MTN Webphone with Webex: Connecting Customers Worldwide

    Airtel Uganda Transtel Offer eSIM Enabled Devices

    Airtel Uganda and Transtel Uganda Partnership: Introducing eSIM Devices on Hire Purchase

    Airtel Uganda SIM-less eSIM card

    Airtel Uganda Launches eSIM, Offering Convenience and Flexibility

    What to expect from Talkio Mobile uganda

    Talkio Mobile: A New Player in Uganda’s Mobile Network Scene

    Xiaomi Kenya Redmi Note 12

    Xiaomi Launches the Redmi Note 12 Series in Kenya, Featuring Four New Devices

    Use The Same WhatsApp Account On Multiple Phones

    WhatsApp Launches ‘Companion Mode’ for Android Users, Enabling Multi-Device Messaging

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • ENTERTAINMENT
    • All
    • Movie
    • Music
    • Sports
    Manchester City beats Manchester United in the FA Cup

    Manchester City Makes FA Cup History with 2-1 Win Over Manchester United

    halle bailey net worth

    Halle Lynn Bailey: Rising Star with a Multifaceted Career

    estimated net worth of Lewis Capaldi

    Lewis Capaldi: The Journey to Stardom and Financial Success

    Trace Award and Festival 2023

    TRACE Celebrates 20th Anniversary with Inaugural Awards Ceremony and Festival in Rwanda

    Al Pacino Expecting Fourth Child with Girlfriend Noor Alfallah

    Al Pacino, 83, and Noor Alfallah Expecting Their First Child Together

    ari melber biography

    The Relationship Status of Ari Melber: Updates on the Personal Life of the News Anchor

    bill russell

    Remembering Bill Russell: A Look into His Personal Life, First Wife Rose Swisher and Legacy

    Nandi Madida Joins Apple Music

    Nandi Madida Joins Apple Music as the New Host of Africa Now Radio

    nader barrak dorah mwima expecting sixth child

    Nader Barrak and Dorah Mwima: Expanding their Family and Celebrating Milestones

  • LIFESTYLE
    • All
    • Fashion
    • Food
    • Health
    • Travel
    hemorrhoids dietary supplement

    The Top Hemorrhoids Dietary Supplements for Effective Relief

    hydrocortisone cream for hemorrhoids

    Hydrocortisone Cream for Hemorrhoids: Managing Symptoms and Proper Usage

    how to support a partner with male factor infertility

    Supporting a Partner with Male Factor Infertility: Strategies for Navigating the Journey Together

    mounjaro from eli lilly

    The Science Behind Mounjaro Weight Loss: How It Works

    Therapy Help With Imposter Syndrome

    Overcoming Imposter Syndrome: Assessing Your Situation with Online Tests

    shania twain weight loss 2022

    Shania Twain Weight Loss Journey: How She Shed the Pounds

    Tusker Lite Mt Rwenzori Marathon dates location

    The 2023 Tusker Lite Mt Rwenzori Marathon: A Celebration of Athletics and Natural Beauty

    Imposter Syndrome Test

    Imposter Syndrome Test – How to Recognize and Overcome Imposter Syndrome

    what causes imposter syndrome

    How to Build Confidence and Overcome Imposter Syndrome

    Village Naturals Therapy

    Village Naturals Therapy: Soothing Bath Products for Aches and Pains

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • TIPS & ADVICE
No Result
View All Result
Now Then Digital
No Result
View All Result
ADVERTISEMENT
Home Business

TUGENDE Raises $10 Million in New Funding to Expand Regionally

A fintech firm providing credit and asset financing for micro, small, and medium-sized businesses (MSMEs) in East Africa, TUGENDE, has raised $10 million from existing and new investors.

Ssendaza Ismail by Ssendaza Ismail
October 18, 2022
in Business, Kenya, Uganda
Reading Time: 5 mins read
1 0
1
funding raised tugende regional

New funding raised by TUGENDE for regional expansion. FILE PHOTO

0
SHARES
33
VIEWS
Share on FacebookShare on Twitter

A fintech company that offers credit and asset financing to micro, small, and medium sized companies in East Africa, TUGENDE, has raised $10 million from both existing and new investors, including Partech and Women’s World Banking. 

KAMPALA, UGANDA | NOW THEN DIGITAL — Fintech company TUGENDE, which provides credit and asset financing to micro, small and medium sized enterprises (MSMEs) in East Africa, has received $10 million in investment from existing shareholders and from new investors, led by Partech and Women’s World Banking, respectively. Most of the firm’s loans are geared towards motorcycle purchases in Uganda.

  • Partech and Women’s World Banking, both existing and new shareholders, have contributed $10 million to TUGENDE, a fintech that offers credit and asset financing for micro, small and medium enterprises across East Africa. The firm is best known in Uganda for offering loans to people buying motorcycles.
  • A US-based company, Partech, is one of the most active technology investors in the world, investing in the seed, venture, and growth stages of approximately 200 companies in nearly 40 countries around the world.
  • Partech adds to Tugende’s shareholding diversity and complements the individual experience and skills that each contributes to the company’s growth.
  • TUGENDE has continued to expand its business in Uganda and Kenya, adding to its strong core package of motorcycle taxis to a broader range of income-generating assets such as four-wheeled vehicles, outboard motors (boat engines), and appliances.
  • This year, TUGENDE won the 2022 Financial Inclusion Award at the 16th edition of the African Banker Awards Gala Ceremony held on 25 May in Accra, Ghana, hosted by the Kempinski Hotel. Under the High Patronage of the African Development Bank, the event was part of the Bank’s Annual Meeting programme.

Partech, a US-based venture capital firm, is one of the world’s most active tech investors, investing money in around 200 companies in nearly 40 nations at different stages of their growth.

CJ Juhasz, the Chief Investment Officer of Women’s World Banking Asset Management, commented on the new capital being raised for TUGENDE in order to expand regionally.

“We’re excited to join Tugende’s journey. Tugende is a leader in reaching and de-risking underserved individuals and businesses for financial services to grow and create jobs. Women’s World Banking is dedicated to economic empowerment, and we are particularly keen on investing at the intersection of mobility and finance, as the empowerment potential for individuals, especially women, is multiplied. We look forward to teaming up with Tugende as it drives financial inclusion pan-Africa and increases the number of women served in its business ecosystem.”

Adding Partech to Tugende’s shareholdings will enhance the diversity of the company’s shares and complement each other’s experience and skills.

The combined $10 million investment, which follows Tugende’s recent debt closing, further strengthens its balance sheet, allowing Tugende to increase portfolio growth and address MSMEs’ credit demand following strict lockdowns in 2020 and 2021.

Youmight also like

55th AFRAA Annual General Assembly in Uganda

Uganda to Host 55th AFRAA Annual General Assembly: Showcasing Africa’s Aviation Industry

June 1, 2023
MTN Webphone with Webex launch

MTN Uganda Relaunches MTN Webphone with Webex: Connecting Customers Worldwide

May 31, 2023
nssf uganda dividend investment in mtn uganda

NSSF Uganda Earns Record Dividend from Investment in MTN Uganda

May 30, 2023
nader barrak dorah mwima expecting sixth child

Nader Barrak and Dorah Mwima: Expanding their Family and Celebrating Milestones

May 29, 2023
ADVERTISEMENT

This is what Michael Wilkerson, co-founder and CEO of TUGENDE, had to say.

“Tugende is committed to innovation and partnerships that remove barriers for people and businesses to build better futures.” ”With partners such as WWB on board, Tugende will benefit from the added expertise in delivering Tugende’s Gender Action Plan and activating more women entrepreneurs in Tugende’s ecosystem.”

regional expansion tugende uganda
Tugende Raises $10 Million to Expand Regionally.
tugende raises 10 million
In order to expand regionally, Tugende raises $10 million.

Going forward with TUGENDE

After emerging successfully from the Covid-19 crisis, Tugende has returned to its high-growth trajectory. In East Africa alone, the MSME credit gap is estimated at $37 billion, with a gap of more than $331 billion in sub-Saharan Africa.

Uganda and Kenya are two countries where TUGENDE continues to expand its footprint. In addition to providing motorcycle taxi services, it has expanded its income-generating assets to include four-wheeler vehicles, outboard motors, and appliances — all of which are used in business.

The client financing packages provided by TUGENDE include comprehensive insurance (product, medical, life), safety equipment, ongoing assistance, and a digital credit profile that can be used to earn additional opportunities such as top-up loans and enhanced insurance for successful clients.

Achieving the big goal

tugende regional expansion kenya
Tugende Raises $10 Million in New Funding to Expand Regionally.

In May this year, TUGENDE won the 2022 Financial Inclusion Award at the 16th edition of the African Banker Awards Gala Ceremony, which was held on 25 May in Accra, Ghana. This event was organized under the patronage of the African Development Bank as part of the Bank’s Annual Meetings programme. 

Editor’s Note: We would appreciate it if you could let us know if any of our content is inaccurate or outdated at press@nowthendigital.com.

You’re reading nowthendigital.com — which breaks the news about Uganda, Kenya, Nigeria, South Africa and the rest of the world, day after day. Be sure to check out our homepage for all the latest news, and follow NOW THEN DIGITAL on YouTube, Google, Web Stories, Google News, Medium, Twitter, Reddit, Pinterest, Linktr, Buy Me a Coffee, and Flipboard to stay in the loop.

ADVERTISEMENT
ADVERTISEMENT
Source: Now Then Digital
Tags: funding raised tugende regionalraised tugende regional expansionregional expansion tugende ugandatugende raises 10 milliontugende regional expansion kenyatugende uganda
ADVERTISEMENT
Ssendaza Ismail

Ssendaza Ismail

A blogger that gives you the latest news and gossip on the hottest local and international celebrities. Previously, Ismail worked as a System Administrator at Pearl VoIP & 3GTelecommunication UK for 6 months as remote Network operations center engineer (NOC). Let's talk, WhatsApp: +256753659743

Recommended For You

55th AFRAA Annual General Assembly in Uganda
News

Uganda to Host 55th AFRAA Annual General Assembly: Showcasing Africa’s Aviation Industry

by Ssendaza Ismail
June 1, 2023
MTN Webphone with Webex launch
News

MTN Uganda Relaunches MTN Webphone with Webex: Connecting Customers Worldwide

by Wafula Steven
May 31, 2023
nssf uganda dividend investment in mtn uganda
Business

NSSF Uganda Earns Record Dividend from Investment in MTN Uganda

by Ssendaza Ismail
May 30, 2023
nader barrak dorah mwima expecting sixth child
Entertainment

Nader Barrak and Dorah Mwima: Expanding their Family and Celebrating Milestones

by Kisitu Peter
May 29, 2023
ADVERTISEMENT

Related Articles

tony dow cause of death

Tony Dow: The Iconic Actor of ‘Leave It to Beaver’ Fame

3 weeks ago
Uganda investment destination in East Africa

Uganda Named Best Investment Destination in East Africa at Global Investors Award Ceremony

4 weeks ago
nowthendigital.com__Bobi Wine Condemns Killings in Karamoja (1)

Ugandan Opposition Leader Bobi Wine Calls for Media Attention to the Killings in Karamoja

1 year ago

Popular News

  • 7 day gout diet plan pdf

    7-Day Gout Diet: Avoiding Foods That Cause Gout While Managing It

    0 shares
    Share 0 Tweet 0
  • Shania Twain Weight Loss Journey: How She Shed the Pounds

    0 shares
    Share 0 Tweet 0
  • From Stenographer to Viral Sensation: The Story of Debra Bollman and Her Daughter Sophia’s Rise to Fame

    0 shares
    Share 0 Tweet 0
  • What Are the Best DSTV Uganda Packages and Prices in 2023?

    1 shares
    Share 0 Tweet 0
  • Why Do I Get Nausea After Eating Eggs?

    1 shares
    Share 0 Tweet 0

Connect With Us

Join our Newsletter

Who We Are

NEWS CONNECTING UGANDA, KENYA, NIGERIA, SOUTH AFRICA TO THE WORLD

Now Then Digital publish news related to Politics, Entertainment, Sports, Finance and World News. It is owned by Now and Then Entertainment Media in Kampala, Uganda.

Sign Up For Our Newsletter

Now On Pinterest

RSS From Flash Uganda Media

  • Albert Saltson: Biography, Early Life, Family, Education, Career and Achievements June 3, 2023 Flash Uganda Editor
  • Sylvia Mulinge: Biography, Early Life, Family, Education, Career and Achievements June 3, 2023 Flash Uganda Editor
  • Step-by-Step Guide: How to Change Your MTN Mobile Money PIN June 3, 2023 Flash Uganda Editor

From Our Partners

  • Editorial Policy
  • Disclaimer
  • Corrections Policy
  • Fact-Checking Policy

© 2023 Now Then Digital - News connecting Uganda, Kenya, Nigeria, South Africa to the rest of the world from Now Then Digital.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
    • Movie
    • Music
    • Sports
  • Lifestyle
    • Fashion
    • Travel
    • Tech
  • Health
  • Food

© 2023 Now Then Digital - News connecting Uganda, Kenya, Nigeria, South Africa to the rest of the world from Now Then Digital.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.