Metier Capital Growth Fund III partners with one of East Africa’s leading connected asset microfinance institutions

16 September 2025 – Metier, through its Capital Growth Fund III (“MCGF III”), has partnered with Watu Group (“Watu”), a non-deposit taking microfinance institution (“MFI”) focused on financing income-generating assets for underserved communities across Sub-Saharan Africa.

Founded in 2015, Watu has grown into one of the region’s leading MFIs, with a strong presence in Kenya, Uganda, and Tanzania, and expanding operations in Rwanda, Sierra Leone, the Democratic Republic of Congo, Nigeria, and South Africa. Watu’s mission is to meaningfully improve employment and economic opportunity for individuals facing the greatest barriers to accessing financial services.

Watu provides financing for income-generating assets, supporting access to mobility (2/3-wheeler ICE and electric vehicles) and connectivity (smartphones) assets for underserved and underbanked communities. The company employs over 2,800 people with more than 1.4 million active clients.

Peter Rowse, Principal of Metier said that “Watu represents a compelling opportunity to support a high-growth, impact-driven business that is transforming access to finance across Africa. Their tech-enabled credit model, diversified product offering, and strong execution track record aligns well with our investment philosophy. We are excited to partner with Watu’s leadership team to accelerate their growth and deepen their impact in the region.”

Andris Kaneps, founder of Watu, commented “We are proud of the journey Watu has taken – from a single-country startup to a pan-African platform empowering over a million clients. Partnering with Metier marks a significant milestone in our growth story. Their strategic support and access to capital will help us scale our operations, strengthen governance, and unlock new opportunities to serve our communities better.”

Watu is the fifth portfolio company of MCGF III, which had its final close at over $219 million of capital in 2024, exceeding its targeted fund size of $200 million. The Fund has a geographic focus on Sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with strong growth features that can make a meaningful impact on the African continent.

SOURCE: metier