Ugandan fintech startup Numida is continuing its push to close Africa’s SME financing gap by expanding its digital lending platform for small businesses.
The company provides unsecured working-capital loans through a mobile app, allowing entrepreneurs to access financing quickly without collateral or lengthy bank processes.
The startup has been scaling its lending operations following a $12.3 million Pre-Series A funding round led by Serena Ventures, with participation from investors including Y Combinator, Launch Africa, Breega, 4Di Capital, and MFS Africa.
The funding is being used to grow its customer base, expand into new African markets, and increase access to credit for underserved micro and small businesses.
Numida says it has already disbursed tens of millions of dollars in working capital to small businesses and aims to reach tens of thousands more entrepreneurs.
The company’s growth highlights the increasing role of fintechs in helping SMEs overcome one of Africa’s biggest business challenges—access to affordable financing.