1 year ago
The Uganda-based integer lending fintech startup, Numida, has said it volition commencement offering its services to micro, small, and medium-sized enterprises successful different African countries. Numida’s plans to connection its services to businesses beyond Uganda’s borders came soon aft it was announced that the startup had raised a full of $12.3 cardinal successful its pre-Series A backing round. Serena Ventures, a task superior steadfast founded by American tennis subordinate Serena Williams, led the backing round.
Unlocking the Potential of Small Businesses successful Africa
Numida, the Uganda-based fintech, has said it plans to instrumentality its integer lending concern extracurricular the country, utilizing portion of the $12.3 cardinal it raised via its pre-Series A equity-debt funding. The circular was led by the U.S. tennis prima Serena Williams’ task superior steadfast Serena Ventures. Also participating successful this backing circular were Breega, 4Di Capital, Launch Africa, Soma Capital and Y Combinator.
In comments pursuing Numida’s palmy superior raise, co-founder and CEO Mina Shahid reportedly touted the interaction of the fiscal products his institution has been availing to tiny businesses successful Uganda, and however this tin beryllium replicated successful different African countries. Shahid said:
I’m astir excited astir continuing to physique and supply fiscal products for these micro and tiny concern owners …. There are truthful galore of these businesses crossed the continent, we truly bash judge that we’ve proven a exemplary successful Uganda that tin beryllium Pan-African and unlock the imaginable of these businesses to turn and execute large things.
Prioritizing Small and Medium-Sized Enterprises
As explained successful a Techcrunch report, Numida has prioritized serving micro, small, and medium-sized enterprises (MSMEs) due to the fact that they are continually marginalized by accepted fiscal institutions. Using the precocious raised capital, Numida said it plans to summation its progressive lawsuit basal to 40,000. The fintech startup plans to bash this by expanding its operations successful 2 countries, the study said.
According to the report, Numida, which raised $2.3 cardinal successful 2021, has truthful acold granted $20 cardinal successful moving superior to MSMEs. With the backing of Lendable Asset Management, which precocious lent $5 cardinal to the startup, Numida volition summation the worth of its loans and volition astatine the aforesaid clip remodel its products to guarantee their affordability.
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