← State of Embedded Finance 2026

Numida

“Can a mobile-first digital lender become the financial OS for Africa's semi-formal MSBs by graduating from unsecured working capital into savings, insurance, and B2B embedded credit?”

Founded2017
HQKampala, Uganda
FoundersMina Shahid, Catherine Denis, Ben Best
Total raised~$14.6M (disclosed equity) plus debt
Latest roundDebt (per PitchBook)
IndustryFintech / Lending
The story

Founded 2017 as a mobile-first digital lender to African micro and small businesses (MSBs) that lack collateral and digital transaction history. Built proprietary credit scoring on cash-based businesses to disburse unsecured working capital via an Android app. Originally Uganda-only and regulated by UMRA; expanded into Kenya after the 2022 Serena Ventures round. Now layering B2B embedded-lending partnerships (BNPL for Wasoko retailers, logistics financing with Ridelink, asset finance with eBee) and signaling future expansion into savings, insurance, and payments.

Last 12 months
2025
2025
Product timeline
2017
Founded by Mina Shahid, Catherine Denis, and Ben Best in Kampala to serve semi-formal MSMEs in Uganda.· pivot
2021
Closed $2.3M seed round led by MFS Africa.· funding
2022
Raised $12.3M led by Serena Ventures; began expansion beyond Uganda.· funding
2024
Expanded into Kenya, offering loans up to KES 500,000.· expansion
2025
Launched B2B credit partnerships (Wasoko BNPL, Ridelink logistics financing, eBee e-bike financing).· lending
Regulated entities
Microfinance / Tier 4 (Money Lender)
Uganda
Numida (regulated by Uganda Microfinance Regulatory Authority - UMRA)
Data controller registration
Uganda
Registered with Personal Data Protection Office (PDPO) under NITA
AML registration
Uganda
Registered with Financial Intelligence Authority (FIA)
Company registration
Kenya
Registered under the Registrar of Companies of Kenya
Parent entity
Canada
Numida Technologies Canada Limited
The stack
Lending
Numida (in-house)Numida working capital loan (UGX 100,000 - UGX 30,000,000, Uganda)Numida working capital loan (KES 5,000 - KES 500,000, Kenya)Numida x Wasoko BNPL for small retailers/dukasNumida x Ridelink logistics & supplier financingNumida x eBee electric bike asset financing
Accounting gap: minor