Verdant Capital is pleased to announce a revolving credit facility for Patasente Uganda (“Patasente”), a digital trade services platform for farmers, warehouses, and factories. The facility will be used to support Patasente’s invoice discounting and supplier financing activities. “Patasente” is a local Swahili and Luganda word that means “Get Money”.
Patasente was established by George Bakka and Gilbert Mutungi in 2016 and is headquartered in Kampala, Uganda. Patasente operates an e-procurement, payments and factoring platform for sellers and buyers to trade on favourable terms. Patasente enables suppliers (farmers and warehousing centres), being the “principal”, to sell their produce to large buyers, mainly factories.
To date, Patasente has enabled over 100 principals to work with over 5,000 farmers selling to over 20 large buyers, sustaining 975 jobs. Patasente is geared to support factories to buy more, grow, create jobs, and thrive in the marketplace while helping farmers sell more and increase earnings from their farming activities. The agricultural sector in Uganda is Patasente’s sweet spot.
The funding was provided through Verdant Capital’s investment partnerships strategy supporting high-impact businesses and financial institutions operating in the African continent.
Source: Verdant Capital