Aka Ekene, PBA Journalism Mentee
Highlights
– Nomba has raised $30 million in a Pre-Series B funding round to deliver bespoke payment solutions for African businesses.
– The funding was led by Base10 Partners and will enable Nomba to offer payment solutions designed for specific business services, helping plug gaps in their payment processes and operate more efficiently while delivering excellent customer experiences.
– Nomba processes $1 billion in monthly transactions and supports over 300,000 businesses, making it a profitable, omnichannel payment service provider that is well-positioned to continue developing bespoke payment solutions for businesses in Africa.
Nomba, a fintech startup, has announced that it has raised $30 million in a Pre-Series B funding round to deliver bespoke payment solutions for African businesses.
This equity funding round was led by Base10 Partners, a San Francisco-based investment firm that has previously invested in companies like Nubank, Plaid, and Brex. The funding will enable Nomba to deliver more payment solutions for businesses in Nigeria, across Africa, and in other markets.
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Designing Payment Solutions for Specific Business Services
With the new capital infusion, Nomba plans to offer payment solutions designed for specific business services to help plug gaps in their payment processes and operate more efficiently while delivering excellent customer experiences. For instance, restaurants will be able to access menus, manage inventory, receive payments, and perform other business functions from the same hardware. For transport and logistics companies, Nomba’s solutions will enable them to directly connect their transactions to payments, creating a more seamless experience that increases sales and profitability.
Payment as a Business Model
Yinka Adewale, CEO, and co-founder of Nomba, highlighted the company’s view of payment as a business model and not just a product. The funds raised and the investors backing Nomba give the company confidence about the potential of more effective payment solutions in the hands of business owners. Luci Fonseca, Partner at Base10, expressed excitement about supporting Nomba to deliver its game-changing solutions to power growth and continued success for businesses in Nigeria and beyond.
Nomba’s Evolution into a Profitable, Omnichannel Payment Service Provider
Launched in 2016 as “Kudi.ai,” a chatbot integration that responds to financial requests on social apps, Nomba has evolved over the years into a profitable, omnichannel payment service provider. The company supports over 300,000 businesses with a wide range of payment solutions, management and banking tools that enable better business processes, and support business owners to be better at doing business. Nomba processes $1 billion in monthly transactions, representing a market-leading gross transaction value (GTV) for a payment service provider in Africa.
Conclusion
Nomba’s success in securing the $30 million Pre-Series B funding round is a testament to its growth and innovation in delivering payment solutions to businesses in Africa. With the funds raised, Nomba is well-positioned to continue developing bespoke payment solutions that cater to the specific needs of different business services. As more businesses adopt digital payment solutions, Nomba’s omnichannel payment service provider model is likely to become even more relevant, supporting continued growth and success for businesses across Nigeria and beyond.
