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.\r\n\r\nMombasa-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. \u00a0Los Angeles-based Shinnecock Partners are the sole investors.\r\n\r\nThe 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.\r\n\r\nAccording to Andris Kaneps, CEO of Watu Credit, \u201cWe\u2019ve benefited from time and cost savings in using Lendable\u2019s 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.\u201d\r\n\r\nThis is Shinnecock Partners first such investment in debt secured by receivables originating in Africa which the firm said was made possible due to Lendable\u2019s on the ground due diligence and the predictive capabilities of their Maestro Risk Engine.\r\n\r\nMaestro 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\u2019s platform can login and monitor the performance of their investments in real-time.\r\n\r\nThis is the first receivables financing deal done by Lendable in Kenya that uses three-wheelers and motorcycles to secure the loan. It follows Lendable\u2019s successful transaction with Uganda-based Tugende, who offer a lease-to-own model for Ugandan boda-boda drivers.