Numida, which was founded by three Canadian Y Combinator graduates and operates in Uganda, offers credit to small businesses in Africa. Y Combinator also participated in the debt and equity financing round, along with Soma Capital, Launch Africa, 4Di Capital and others. (Business Insider)
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Numida, which was founded by three Canadian Y Combinator graduates and operates in Uganda, offers credit to small businesses in Africa. Y Combinator also participated in the debt and equity financing round, along with Soma Capital, Launch Africa, 4Di Capital and others. (Business Insider)
Talking point: The company is trying to address a funding gap that leaves a large share of micro and small businesses in Africa unable to access capital from traditional financial services because they operate in cash or lack collateral, for example. Numida loans between US$100 to US$5,000 to businesses, with interest rates of between 10 per cent and 16 per cent, depending on risk. Serena Ventures, which contributed US$7.3 million to the firm, focuses on underrepresented entrepreneurs who may face barriers to financing—an approach that echoes Numida’s own business mandate.
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