AHL Venture Partners funds asset finance company Watu

Watu, an asset financing fintech providing flexible financing solutions for income-generating assets, including motorcycles, has extended its receivables financing debt facility with AHL Venture Partners to a total funding amount of $5 million.

This investment will support the company’s rapidly growing business in Uganda, enabling its expansion and financing its growing receivables book. In the last three years, Watu has grown its Ugandan operations to 17 branches and 440-plus staff, managing a portfolio of over 52,000 two-wheeler loans.

Founded in 2015, Watu provides affordable and flexible financing for two and three-wheelers, with the financed asset serving as collateral for the loan. Watu’s tech-enabled underwriting model focuses on identity verification for clients and guarantors, enabling them to provide qualified clients with a bike in less than two hours.

Sebastian McKinlay, head of new investments at AHL Venture Partners commented, “Watu has proven itself to be capable of delivering impact at a very significant scale through the rapid expansion in the number of people in Uganda and beyond able to earn a living as micro-entrepreneurs through ownership of their own motorcycles.”

“AHL Venture Partners’ investment will help Watu scale its impact across Uganda’s bustling transport sector. With rapid urbanisation throughout the continent, we are keen to lead the e-mobility revolution and enable the mass adoption of EV bikes. With AHL’s support and our joint vision for financial inclusion of underserved populations, we hope to continue to break down barriers and create opportunities for millions of people to be successful,” shared Andris Kaneps, CEO of Watu.

Watu is now present in seven countries: Kenya, Uganda, Rwanda, Tanzania, Nigeria, Sierra Leone, and the DRC.