Frankfurt-listed FinTech, MyBucks S.A. has 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.”
— MyBucks (@mybucksfintech) June 15, 2018
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. is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks, GetSure, New Finance Bank and Fairgo Finance, the company offers impact loans, unsecured credit, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in eleven African and one European countries as well as in Australia.
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