Numida raises $2.3mln in seed round led by MFS Africa

Image Credit: Pixabay

Ugandan fintech Numida has landed $2.3 million in a seed round led by MFS Africa with additional participation from DRK Foundation, Equilibria Capital, the Segal Family Foundation, and a group of angel investors. No additional terms of the investment have been disclosed.

The company was launched in 2017 by a trio of founders and now provides unsecured loans to semi-formal and micro-business owners in Uganda. These businesses can apply for as much as $3,500 as a loan through Numida’s app, which is then priced using the startup’s proprietary credit scoring methodology before a loan offer is made.

To read this article, you must be a paid subscription member. (Current members login here)

\"\"

Reserve your digital subscription today

Join now for $35 per month

Join now for $395 per year

for access to:

  • Weekly newsletter with original and curated news, analysis and perspective
  • Africa’s private capital deals, fund raises and the investment firms and executives involved
  • Portfolio company news that impacts value and stakeholder participation
  • Job moves and partnerships between leading market participants
  • Exclusive access to Africa Capital Digest’s full content archive

If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.