Y Combinator-backed Ugandan fintech start-up, Numida has raised a total of $12.3 million from five investors in its pre-Series A round led by Serena Ventures.
Numida is the only Ugandan start-up accepted into YC’s W22 cohort. The fintech gives credit ranging from $100 to $5,000 to small and medium-scale businesses in Uganda, allowing these businesses to grow and optimise their output.
The businesses Numida supports are mostly semi-formal, lacking what it takes to access swift loans from traditional sources, but profitable enough to repay loans.
Thus, Numida is the connector between the small businesses it helps and the quick loans they need to thrive. The start-up issues “ethical loans” at interest rates ranging between 10% and 16%.
With the US$12.3 million new funding, Numida is going to broaden their customer base by adding 10,000 small businesses to their network over the next 18 months. To do that, they’ll expand beyond their market in Uganda into two other African markets.
