A US lender has helped a Kenya boda boda firm [Photo/BusinessToday]
Mombasa based-lender Watu Credit has secured a loan from American firm Lendable of Sh 155 million ($1.5 million).
The financial boost will help Watu Credit boost its expansion in Kenya and grow its market share.
The Mombasa-based lender which finances the acquisition of motor cycle or ‘boda-bodas’ on credit, will now be able to grow its capacity to finance the purchase of boda boda motorcycles on credit by more individuals.
“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,” said Watu Credit chief executive officer Andris Kaneps.
The move is part of its plan to extend its geographical coverage across Kenya, moving into Central, Rift and Western regions by the end of next year.
“We’re proud to help Watu Credit scale up through the provision of credit and free access to analytics,” said Lendable chief executive and co-founder Daniel Goldfarb.