Nomba, a Nigerian payments startup, has acquired $30 million in pre-Series B funding to enable the supply of customized payment solutions to African businesses.
Nomba, founded in 2017 by Yinka Adewale and Pelumi Aboluwarin and originally known as Kudi, has grown into a lucrative, omnichannel payment service provider over the years.
The company provides payment solutions as well as management and banking tools to over 300,000 organizations, enabling better business operations and assisting business owners to be better at doing business. It handles $1 billion in monthly transactions, which is a market-leading gross transaction value (GTV) for an African payment service provider.
Base10 Partners of San Francisco led the oversubscribed equity fundraising round, which included Helios Digital Ventures, Shopify, Partech, and Khosla Ventures. Nomba will use the funding to develop payment solutions tailored to the services that businesses offer, allowing them to close gaps in their payment processes, operate more efficiently, and provide exceptional customer experiences.
Restaurants, for example, will be able to view menus, manage inventory, accept payments, and execute other business tasks using the same technology. Nomba’s solutions will enable transport and logistics companies to directly connect their transactions to payments, resulting in a more seamless experience that enhances sales and profitability.
Starting in Nigeria, Nomba will also provide a suite of business tools, such as invoicing and order management solutions, to help firms across the continent enhance efficiency and save operating costs.
“We see payment as a business model, not just a product and we want to make it easier for businesses to take advantage of all that is possible in their payment processes to support their continued growth and success. We have a long list of products we have been working on and the funds we have raised as well as the investors that have backed us gives us a lot of confidence about what can be achieved with more effective payment solutions in the hands of business owners,” Adewale said.
Luci Fonseca, partner at Base10, said Nomba’s track record of innovation and capital efficiency made it one of the most exciting startups in Africa.
“We are thrilled to be supporting them to deliver their game changing solutions to power growth and continued success for businesses in Nigeria and beyond,” she said.
