Mogo Kenya Secures USD Loan From Verdant Capital

Verdant Capital has announced that its Verdant Capital Hybrid Fund has completed a USD 7 M dual-tranche investment comprising a subordinated loan and senior secured loan to Mogo Kenya, a subsidiary of Eleving Group operating in Europe, Asia, and Africa. The investment will help Mogo Kenya expand its portfolio of motorbike (fuel and electric powered two-wheelers, locally known as “boda-bodas”), tuk-tuk (three-wheeler), car, and car logbook or leaseback financing throughout the country.

Mogo Kenya is one of Kenya’s leading fintech asset financing businesses, specifically for motorbikes (fuel and electric powered), tuk-tuks, and cars.  Mogo Kenya partners with electric motorbike suppliers such as Stima and Gecss; and ride hailing companies such as Bolt and Jumia, to spread the adoption of climate friendly e-mobility in the country with zero carbon dioxide emission and noise pollution. The Fund’s subordinated loan will help strengthen Mogo Kenya’s balance sheet and help “crowd-in” more senior debt funding to further grow its balance sheet.