Digital asset financing company, Tugende has raised $3.6m in additional equity financing to close its Series A round. The company’s assets include boda-boda taxis, boat engines, cars, and refrigerators, but also medical and life insurance, training, safety equipment, and digital credit profiles. With the follow-on funding, Tugende’s Series A comes to a total of $9.9m.
Tugende loosely translated as ‘we go’ is currently in trials of financing for e-mobility assets. Founded in Uganda, by CEO Michael Wilkerson, in 2012– the company provides a technology-based medium for micro, small and medium enterprises (MSMEs) to own assets that help generate income.
Since Tugende’s operations started about 9 years ago, the firm has served more than 43,000 clients across Kenya and Uganda with over 20 branches in Uganda and 4 in Kenya.
ALSO READ: A Deep look at Tugende’s new client mobile app
According to techcabal, the technological aspect of Tugende’s offering is in the fact that payments for the assets are digitalized. With the digital data, Tugende is able to provide proprietary credit scores automatically to all clients to help them monitor their performance. This could give the clients access to discounts and new assets.
