Verdant Capital (IMAP South Africa) advised Letshego on raising $25.6 million from leading European specialist and impact investors
Summary
The funding programme brings treasury benefits and mitigate the funding risk for the Letshego Group by geographically diversifying its funding base, increasing the current number of investors, securing longer tenors as well as reducing the Groups overall open FX exposure by drawing new local currency-denominated facilities which will be available in Botswana Pula, Kenyan Shillings, Tanzanian Shillings and Nigerian Naira after standard FX hedging operations some of the key currencies in which Letshego operates across the region.As Letshego progresses in its sustainable growth strategy, with marked in-roads in increasing inclusive finance through digital innovation, we now see a noteworthy increase in interest and support from new investors and funders. These are financial partners who share our ambition in delivering a commercial strategy which supports long term economic value for Africas under-served communities.Letshego incorporated in 1998, is a leading pan-African inclusive financial institution operating in eleven African markets spanning Southern, Eastern and Western African and focuses on delivering inclusive finance solutions to underserved populations. Letshego is listed on the Botswana Stock Exchange with a market cap of nearly USD 400 million. As of December 2017, Letshego Group has total assets and a loan book of BWP 9.0 Bn (approx. In April 2018, Moodys gave Letshego a credit rating of Ba3 with a stable outlook.