Numida, a start-up in the financial technology sector, recently raised $16.7 million CAD in a pre-Series A funding round. The funding included $7.3 million in equity, led by tennis star Serena Williams’ venture fund, Serena Ventures. The remaining $5 million was raised through a debt facility from Lendable Asset Management.
Numida operates in Uganda, using credit models and tech-driven underwriting processes to offer unsecured loans to micro and small businesses in Africa. A 2017 report found that Sub-Saharan Africa has 44 million micro, small, and medium businesses, and that roughly half of those businesses require more financing than they are able to access to grow their businesses.
The start-up’s founders, Mina Shahid, Catherine Denis and Ben Best, saw the widespread need for financing as an opportunity. By figuring out how to disburse working capital to cash-based businesses with no digital footprint, Numida has been able to reach a large number of businesses. The company claims to have already provided more than $20 million USD to 27,000 micro and small businesses in Uganda.
Numida plans to use its new financing to expand into two new African markets and strengthen its Ugandan presence.
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