">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Wednesday, January 20, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Business

Lease-to-own motorcycle taxi lender Watu Credit raises $1.5m to expand across the country

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Business, Funding, Tech
4 min read
0

In 2015, the Motorcycle Assemblers Association of Kenya estimated that on average 8 million Kenyans used a boda boda daily, generating USD.3.9Million (Kes400.00Million) in revenue.

Mombasa-based rent-to-own boda boda (motorcycle taxi) lender Watu Credit, has received US$1.5Million (Kes.156.Million) in debt finance via lending marketplace Lendable Inc., who secured the off-balance sheet programme for the Mombasa-based lender.  Los Angeles-based Shinnecock Partners are the sole investors.

The financing was secured using future repayments on loans advanced by Watu Credit to its boda boda clients. Watu Credit will be use the capital to grow its capacity to finance the sale of boda boda motorcycles on credit, by a magnitude of 10x and extend its geographical coverage across Kenya, moving into Central, Rift and Western Kenya by the end of 2018.

According to Andris Kaneps, CEO of Watu Credit, “We’ve benefited from time and cost savings in using Lendable’s digital deal platform. This form of financing means Watu Credit can access working capital to grow its loan book, without having to tie up its balance sheet.”

This is Shinnecock Partners first such investment in debt secured by receivables originating in Africa which the firm said was made possible due to Lendable’s on the ground due diligence and the predictive capabilities of their Maestro Risk Engine.

Maestro digests and analyses individual monthly repayment data and alternative lender financials. It produces credit data and loan repayment forecasts that can meet the needs of global commercial lenders. Lendable provides a range of essential deal services: deal origination, due diligence, standardized documentation, customizable online pricing models, payments administration and post-deal reporting. Investors on Lendable’s platform can login and monitor the performance of their investments in real-time.

READ  Five Kenyans shortlisted for Africa Prize for Engineering Innovation

This is the first receivables financing deal done by Lendable in Kenya that uses three-wheelers and motorcycles to secure the loan. It follows Lendable’s successful transaction with Uganda-based Tugende, who offer a lease-to-own model for Ugandan boda-boda drivers.

Related posts

Sophos Named Common Vulnerability and Exposure Numbering Authority 

January 20, 2021
0

Safaricom Will Allegedly Allow The National Intelligence To Illegally Forward Your Calls

January 20, 2021
0

Safaricom Foundation’s Ndoto Zetu Supports 2,000 Students in Six Counties 

January 20, 2021
0

Tatu City Partners with Konza to Attract Investors to Kenya

January 19, 2021
0
Readers 2,979

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: AgricultureBusinessFundingmobile
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Tech

Sophos Named Common Vulnerability and Exposure Numbering Authority 

January 20, 2021
0
Tech

Safaricom Will Allegedly Allow The National Intelligence To Illegally Forward Your Calls

January 20, 2021
0
Tech

Safaricom Foundation’s Ndoto Zetu Supports 2,000 Students in Six Counties 

January 20, 2021
0
Tech

Tatu City Partners with Konza to Attract Investors to Kenya

January 19, 2021
0
searchengineland.com
Tech

SEO for Beginners: Where to Start and What You Need

January 19, 2021
0
Tech

Why Dota 2 Viewership Is Going Up

January 19, 2021
0
pregnant woman kenyan
Tech

Nakuru County Has Introduced Smart Watches That Will Monitor Expectant Mothers

January 19, 2021
0
Social media

A Non-Profit American Organization Is Demanding For Telegram To Be Removed From The Apple Store

January 19, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Cheerful young businessman in round spectacles and formal wear, checks newsfeed on modern smart phone, connected to wireless internet, has happy look as recieves positive news from colleagues

TransUnion partners SA’s financial marketplace, Fincheck, to make the credit application process easier and less frustrating

January 20, 2021

Sophos Named Common Vulnerability and Exposure Numbering Authority 

January 20, 2021

Safaricom Will Allegedly Allow The National Intelligence To Illegally Forward Your Calls

January 20, 2021

Autochek opens Accra office to bolster its customer acquisition efforts

January 20, 2021

List Of Kenyan Betting Apps You Can Use

January 20, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

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.
%d bloggers like this: