Verdant Capital Invests $10 Million Into Uganda's Fintech Watu
One of Uganda’s leading Fintech companies, Watu, has just received a sole investment to the tune of Ten Million Dollars ($10 Million). The investment was solely raised by The Fund, a subsidiary of Verdant Capital Hybrid Fund.
Watu is a financing company that is particular about financing two-wheeled vehicles (motorbikes). The company is bringing a revolution into the financing industry across Africa as it endeavours to finance businesses that support financial independence in individuals.
The fintech is developing an unbanked and undeserved ecosystem for its users, whereby they can be equipped with digital literacy, economic development, quality of life and life-changing opportunities.
Through this investment, Watu has disclosed that it will be able to expand its offering, financing more motorbikes for taxis, which will help to expand its business across Uganda. Asides from the investments from the Fund, there are other benefits from the initiative that Watu will receive.
Founded by Andirs Kaneps in 2015, the financing company has been able to fulfil its mission of impacting African lives and businesses. In recent times, it has disbursed about Three Hundred and Eighty Thousand loans (380,000) this in all has been executed across seven countries in Africa. Through its activities, it is believed that at least two million people in the continent can testify to its impact on their lives.
Detailing the investment through a press release, Verdant Capital made the investment through its attraction toward Watu’s business model. The business model equips riders with an affordable route. This enables the riders to gain financial stability and inclusion in economic growth. Watu model provides GPS tracking tools for the motorbikes, automated processes, and payment through digital processes (mobile money wallet).
Verdant capital is an investment bank and investment manager that is particular about the private sector markets and how it operates on Pan-African terms. the investment bank is the manager of the Verdant Capital Hybrid Fund.
Verdant Capital Hybrid Fund, One Hundred Million Dollar investment target through The Fund.