Numida Technologies Analysis: $12M Raised
What is Numida Technologies?
Numida provides digital business loans to small and micro-business owners in Uganda and Kenya. The company offers loan access through its app and website, with loan sizes, terms, and pricing tied to each borrower’s credit profile. Its stated roadmap extends beyond credit into savings, insurance, and payments for overlooked small businesses across Africa.
Location
Kampala, Uganda
Employees
51-200
Founded
2016
Revenue
$10.4-12.7M
Product Features & Capabilities
- unsecured business loans, mobile app for loan applications, fast approval within 24 hours, financial management tools, gamification for user engagement, mobile money repayment options
Pricing
- Loans range from $100 to $5,000.
- Payable after one month.
- Interest rates between 10% and 16%.
- Average interest rate is about 11.5%.
How much Numida Technologies raised
Pre-Series A - $12.3 million
September 28, 2022Lead Investor: Serena Ventures, Breega, 4Di Capital, Launch Africa, Soma Capital, Y Combinator, MFS Africa, Lendable Asset Management
Who are the founders of Numida Technologies
MS
Mina Shahid
Co-Founder and CEO
CD
Catherine Denis
Co-Founder and COO
Market Focus
Numida Technologies primarily focuses on the fintech industry, specifically providing unsecured working capital loans to small businesses in Africa.
Investors
- 4Di Capital
- Breega
- DotExe Ventures
- Serena Ventures
- Todd Lipcon
- Y Combinator
Business Model
Revenue from risk-based 30-day loans to micro businesses via a mobile app.
Competitors Overview
Numida Technologies operates in the unsecured business loans market, primarily targeting small businesses through a mobile app. Its main competitors include:
-
Lupiya:
- Overview: Offers various loan products including salary advance loans, collateral-backed loans, and business loans.
- Advantages: Provides loans quickly, often within 30 minutes, and has a strong focus on transparency and flexibility in its lending process.
- Website: Lupiya
-
Pezesha:
- Overview: Connects SMEs with affordable business financing and helps build their credit scores.
- Advantages: Offers a user-friendly app that allows businesses to know their loan limits instantly and provides flexible repayment options.
- Website: Pezesha
-
MyCredit:
- Overview: Provides a platform for small businesses to access credit and financial services.
- Advantages: Focuses on quick access to funds and has a streamlined application process.
- Website: MyCredit
-
Kuunda:
- Overview: Specializes in tailored liquidity solutions and digital lending as a service.
- Advantages: Works with mobile money operators to provide short-term loans, enhancing accessibility for underserved markets.
- Website: Kuunda
-
Umba:
- Overview: Offers a secure financial system for businesses and individuals, providing flexible loan options.
- Advantages: Allows for higher loan amounts with a focus on safe data handling and flexible repayment terms.
- Website: Umba
These competitors differ from Numida Technologies in their specific loan offerings, speed of service, and additional financial services provided, which may appeal to different segments of the small business market.
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