Kenyan Startup Watu Secures $7M Debt Facility for Pan-African Expansion

Asset-financing company Watu has secured a $7 million debt facility from AHL Venture Partners, bolstering its working capital and enabling expansion of mobility and smartphone financing services across multiple African markets. Founded in 2015 by Andris Kaneps, Watu provides loans for motorcycles, three-wheelers (through its mobility business), and smartphones via Watu Simu.

Since inception, the company has originated over 7 million loans and operates in Kenya, Tanzania, Uganda, Rwanda, DRC, Nigeria, Sierra Leone, South Africa, Mexico, and Brazil. Notably, Watu recently ventured into electric motorcycle financing in select African countries.

The non-dilutive facility represents an extension of a partnership between Watu and AHL that began in 2022. It comes as AHL’s Africa Credit Fund I nears completion with $45.5 million in commitments toward a $70 million target.

This additional funding will allow Watu to further penetrate existing markets, explore new opportunities in underserved regions, and potentially expand its product offerings within the asset-financing space.