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

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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.

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