MyBucks Secures Funding for SME Finance in Uganda
- Symbiotics S.A. has arranged USD 2,000,000 in funding for Opportunity Bank Uganda Limited (“OBUL”).
MyBucks has secured a USD 2,000,000 loan facility for SME finance from Symbiotics S.A. through three of the funds which it manages, being the REGMIFA Fund, SEB V Microfinance Fund and SEB Microfinance Life Fund.
Luxembourg, 15 June 2018 - Frankfurt-listed FinTech, MyBucks S.A., today announced that it had secured a term loan facility arranged by Symbiotics S.A to finance SME lending in Uganda.
The funding forms part of a broader strategy within MyBucks to increase long-term funding at subsidiary level, thus providing a platform to enhance financial inclusion and to promote sustainable development in Africa. OBUL, with the assistance of MyBucks’ technology, intends to deploy funding to micro SMEs and SMEs within Uganda through the digital banking offering which it is currently seeking to grow within the market.
MyBucks CEO, Tim Nuy says, “Partnerships with social impact investors is important to MyBucks from the perspective that it provides much needed long-term funding, but also comes with the added advantage as we are able to continue to leverage on the wealth of experience that our partners have in micro SME and SME funding. We are grateful for the support of Symbiotics S.A. and look forward to replicating this partnership in our other markets.”
Symbiotics’ Head of Investments, Daniel Schriber, says: “We are pleased to partner with Opportunity Bank Uganda to facilitate financing to local entrepreneurs and MSMEs (micro, small and medium enterprises). This investment will help grow our outreach in Uganda and in areas where financial inclusion is most needed”.
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC:GR) is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks and GetSure the company offers impact loans, unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in twelve African and two European countries as well as in Australia. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks’ product offering enables customers to manage their financial affairs easily and conveniently.
Discover more at http://www.mybucks.com.
Symbiotics is the leading market access platform for impact investing. Over the past decade, the company has originated and structured over 3270 investment transactions, worth more than USD 4.1 billion, on behalf of 384 companies in 79 emerging and frontier markets, all serving a measurable sustainable and inclusive finance objective, purchased by 50 different investment funds and institutional investors. Symbiotics is a registered asset manager in Switzerland, a registered investment adviser in the United Kingdom, and has further office presence in Mexico, the Netherlands, Singapore and South Africa, regrouping more than 135 employees worldwide.