Numida Raises $12.3M in Series A Funding
Summary
The round will be completed with $5 million in debt from Lendable Asset Management. The company intends to reinforce its Ugandan presence and launch in two new African markets. Led by CEO Mina Shahid, Numida uses proprietary credit models and tech-enabled underwriting processes to provide unsecured working capital loans to African micro and small businesses. Instead of borrowing from informal lenders or family, business owners download the Numida app, apply in minutes, and receive capital within a day. The fintech aims to build on its Ugandan success in and grow its active client base to 40,000 businesses while launching in two new target markets.
Funding
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