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Numida, a fintech startup in Uganda, received $12.3 million on Wednesday from Serena Ventures in order to extend its infrastructure and geographic reach outside of Uganda. 

In a press release, Mina Shahid, CEO of Numida, acknowledged the further funding. 

The pre-series A equity-debt fundraising was headed by Serena Ventures with participation from Breega, 4Di Capital, Launch Africa, Soma Capital, and Y Combinator.

MFS Africa made a follow-on investment, according to Ripples Nigeria, and Lendable Asset Management gave the startup a $5 million loan. 

I’m most excited about continuing to build and provide financial products for these micro and small business owners who have been forgotten by the traditional financial services industry even though they are hardworking and have viable businesses

Shahid co-founded the firm in 2017 with Catherine Denis and Ben Best.



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