Tugende provides lease-to-own and hire-purchase financing, primarily for motorcycle taxi (boda boda) riders, bundling vehicles with training, insurance, safety equipment and hands-on support from first use to ownership. The company has expanded financing to boat engines, cars, retail equipment and refrigerators, and is piloting e-mobility assets. Tugende has built digital capabilities including full digital payments, an interoperable payment gateway (2017) and an in-house credit score launched in 2019. It serves more than 43,000 clients across Kenya and Uganda, with 16,000 clients having achieved full ownership of at least one asset, and employs over 520 people across 20 branches in Uganda and four in Kenya. Historically net income positive for most years through 2019, Tugende relies on steady debt capital (having raised more than $20M from debt partners) and is using equity to strengthen its balance sheet and accelerate meeting strong word-of-mouth demand. The company aims to scale into new geographies and asset products while fine-tuning its technology and operational model. Tugende is a fintech startup based in Uganda. The article identifies the company only as a fintech firm and does not detail its specific products or services. Tugende has completed a $6.3M Series A financing. The funding round was led by Mobility 54, the Toyota Tsusho‑backed investment fund. The article does not provide operating metrics, valuation, or details on use of proceeds. No future plans or additional financial information were reported in the article. Tugende operates a lease-to-own financing model that helps motorcycle taxi drivers (boda boda operators) acquire motorcycles within roughly 18 months. The company describes itself as a for-profit social enterprise focused on high-risk borrowers who lack access to mainstream financing. In 2014 Tugende grew 300% to over 700 active customers, showing rapid early traction. The company is Ugandan-based and estimates a local addressable market of approximately 400,000 people who rely on motorcycles for income. CEO Michael Wilkerson has framed the business as both an economic enabler and a job-creation engine in a region with high youth unemployment. Financially, Tugende recently closed a US$780,000 funding round following an earlier US$300,000 round in December 2013.

Total raised

$11M

Funding rounds

3

Latest round

Series A

Latest activity

Mar 2021