Serena Ventures has invested $7.3 million in Numida, a Ugandan fintech startup that offers credit to small businesses. The venture capital firm led by legendary tennis star, Serena Williams, led a $12.3 million Pre-Series A equity-debt funding round for the Ugandan start-up.

Other venture capital firms that participated in the funding include Breega, 4Di Capital, Launch Africa, Soma Capital, Y Combinator, and existing investor MFS Africa, while Lendable Asset Management extended a $5 million debt to the startup.

Numida was founded by three Canadian Y Combinator graduates; Mina Shahid, Catherine Denis, and Ben Best. The firm offers mobile money-based digital working capital loans ranging from $100 to $5,000 via its mobile app.

The recent round of funding will strengthen Numida’s presence in Uganda and support its expansion across Africa. The excited CEO of the start-up, Mina Shahid, told TechCrunch that the firm has proven that a model in Uganda can achieve great things.

“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,’’ he said.

Numida is considering expanding its operations into African markets like Egypt, Nigeria, Ghana, Kenya, and Tanzania. The firm plans to boost its client base to 40,000 within the next 18 months.