Base10 Partners (investors in Nubank, Plaid, and Brex) led the oversubscribed equity fundraising round, with participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
Despite the rise of digital payments across Africa, most businesses still rely on basic point-of-sale equipment to receive payments. These machines are also often isolated from the rest of the business activities, resulting in a number of inefficiencies in their business processes.
With this fresh funding, Nomba will give payment solutions tailored to the unique services that businesses offer, allowing them to close gaps in their payment processes, operate more efficiently, and create exceptional client 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.
Nomba has evolved into a lucrative, omnichannel payment service provider since its inception in 2016 as “Kudi.ai,” a chatbot integration that responds to financial demands on social platforms.
The company supports more than 300,000 businesses with a wide range of payment solutions, as well as management and banking tools that enable better business processes and support business owners to be better at doing business.
The company handles $1 billion in monthly transactions, which is a market-leading gross transaction value (GTV) for an African payment service provider.
Prior to this round of fundraising, Nomba had only obtained $5 million in funding, which it used to successfully build the firm and efficiently deliver solutions that have benefited hundreds of thousands of businesses across Nigeria.
This fresh financing will allow the company to provide more solutions for businesses in Nigeria, Africa, and other areas as opportunities arise.
According to Yinka Adewale, CEO and co-founder of Nomba, “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.”
Luci Fonseca, Partner at Base10 said, “Nomba’s track record of innovation and capital efficiency makes 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.”