Uganda-based digital lending platform Numida has reportedly raised $12.3m in its pre-Series A funding round, which comprised of equity and debt.
Serena Ventures led the round, with commitments also coming from Breega, 4Di Capital, Launch Africa, Soma Capital and Y Combinator, according to a report from TechCrunch.
Existing Numida investor MFS Africa also joined the round. Lendable Asset Management provided $5m debt to Numida.
With the capital, Numida plans to double its active client base to 40,000 over the next 18 months. It will also enter two new markets. These markets have not been chosen, but will either be Ghana, Nigeria, Egypt or Kenya.
Numida helps grow micro and small businesses in Africa. Its platform offers digital working capital loans between $100 and $5,000 via mobile money. Businesses can receive credit in as little as two hours.
Speaking on the investment, Numida CEO and co-founder Mina Shahid told TechCrunch, “I’m most excited about continuing to build and provide financial products for these micro and small business owners who have been forgotten by the traditional financial services industry even though they are hardworking and have viable businesses.
“There are so many of these businesses across the continent, we really do believe that we’ve proven a model in Uganda that can be Pan-African and unlock the potential of these businesses to growth and achieve great things.”
Another Uganda-based FinTech company to recently raise capital is Laboremus Uganda. The company provides banks and FinTechs with the digital tools to collect, verify and analyse customer data so they can provide financial services to anyone.
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