Nomba Raises $30m Pre-Series B to Deliver Bespoke Payment Solutions for African Businesses
Summary
Nomba, a payment service provider for African businesses, has raised a $30 million Pre-Series B funding round to support the delivery of bespoke payment solutions for African businesses.The oversubscribed equity funding round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid and Brex), with participation from Helios Digital Ventures, Shopify, Partech and Khosla Ventures.Despite the growth in digital payments across Africa, most businesses still only have access to generic point-of-sale machines to support the collection of payments. For transport and logistics companies, Nombas solutions will enable them to directly connect their transactions to payments, creating a more seamless experience that increases sales and profitability.Starting in Nigeria, Nomba will also deliver a range of business tools, including invoicing and order management solutions to improve efficiency and reduce the cost of operations for businesses across the continent.Since launching 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 processes $1 billion in monthly transactions, which represents a market-leading gross transaction value (GTV) for a payment service provider in Africa.Before this funding round, Nomba had only previously raised $5 million in funding, leveraging those funds to successfully grow the business and efficiently deliver solutions that have positively impacted hundreds of thousands of businesses across Nigeria. 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, Nombas 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.