The US $30 million pre-Series B funding round was raised by the Nigerian payments startup Nomba in order to support the provision of customized payment solutions for African companies.
Nomba, formerly known as Kudi, was established by Yinka Adewale and Pelumi Aboluwarin in 2017. Since then, it has grown into a successful omnichannel payment service provider.
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. It processes $1 billion worth of transactions each month, which is the highest gross transaction value (GTV) for an African payment service provider.
Base10 Partners of San Francisco, along with Helios Digital Ventures, Shopify, Partech, and Khosla Ventures, led the oversubscribed equity funding round. With the help of the investment, 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 productively, and provide excellent customer experiences.
Restaurants will, for instance, be able to access menus, manage inventory, take payments, and carry out other business operations using the same hardware. Nomba’s solutions will give transportation and logistics businesses the ability to directly link their transactions to payments, creating a more seamless experience that boosts sales and profitability.
Nomba will also offer a variety of business tools, beginning in Nigeria, including solutions for order management and invoicing to increase productivity and lower operating costs for companies all over the continent.
“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.
Nomba is one of the most exciting startups in Africa, according to Luci Fonseca, a partner at Base10. She cited the company’s history of innovation and capital efficiency.
“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.
