Ugandan fintech startup, Numida has secured a $2.3 million seed investment led by MFS Africa, an African cross-border payment startup.
The funding round was joined by DRK Foundation, Equilibria Capital, and Segal Family Foundation alongside angel investors.
With this new funding, Numida plans to expand aggressively in Uganda and enter a new market, preferably in West Africa. Additionally, the funding will be invested in financial services like payments, micro-insurance, and deposits to its customers.
Founded in 2017 by Mina Shahid, Catherine Denis, and Ben Best, Numida supports semiformal micro and small businesses with digital working capital loans of $100-$5000 disbursed via mobile money in less than two hours.
To date, the fintech startup has provided more than $2 million in unsecured credit to 3,000 micro and small businesses in Uganda, disbursing around $250,000 per month.
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