Nomba raises $30 million Pre-Series B funding from California based Base10 Partners
Nomba, a Nigerian company that offers payment services, has raised $30 million in a pre-Series B fundraising round to help it give customized payment solutions to African companies.
Base10 Partners, a San Francisco-based investor in Nubank, Plaid, and Brex, led the oversubscribed equity investment round, which also included Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
The majority of businesses in Africa still only have access to conventional point-of-sale devices to handle payment collection, despite the continent’s development in digital payments. Additionally, these machines frequently operate independently from the rest of the company’s activities, which results in a number of inefficiencies in their business procedures. With this additional funding, Nomba will provide businesses with payment solutions that are tailored to the particular services they offer, allowing them to close gaps in their payment processes, work more effectively, and create exceptional client experiences. For instance, restaurants will be able to use the same gear to view menus, manage inventory, take payments, and handle other business operations.
With the help of Nomba’s technologies, transportation and logistics businesses will be able to directly link their transactions and payments, providing a more streamlined process that boosts revenue and profitability.
Beginning in Nigeria, Nomba will also provide a selection of business tools, such as invoicing and order management solutions, to boost productivity and save operating costs for companies all around the continent.
Nomba has developed over time into a successful, omnichannel payment service provider from its first introduction as “Kudi.ai” in 2016, a chatbot integration that responds to financial demands on social apps. The company offers a variety of payment solutions, management and banking tools, and other services to more than 300,000 businesses to help them run their operations more efficiently. The business processes $1 billion in transactions per month, which is the highest gross transaction value (GTV) for an African payment service provider.
Nomba had only ever raised $5 million prior to this fundraising round, and it successfully used those money to expand its operations and effectively execute solutions that had a beneficial impact on hundreds of thousands of businesses throughout Nigeria. With this additional funding, the company will be able to offer more solutions to businesses in Nigeria, Africa, and other areas as opportunities arise.
Nomba is one of the most intriguing businesses in Africa because to its history of innovation and capital efficiency, according to Luci Fonseca, Partner at Base10. We are ecstatic to be assisting them as they provide their revolutionary solutions to fuel business expansion and success in Nigeria and beyond.
