Nigerian payments startup Nomba has successfully raised $30 million in a pre-Series B funding round. However, the oversubscribed equity round was led by San Francisco-based Base10 Partners and included participation from prominent investors like Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
Nomba, formerly known as Kudi, plans to use this investment to develop a payment solution that addresses existing gaps in its payment processes, with the ultimate goal of improving operational efficiency and delivering excellent customer experiences.
Yinka Adewale, who co-founded the payments firm in 2017, shared the company’s vision to see payment as a comprehensive business model rather than just a single product. Adewale emphasized the company’s commitment to simplifying payment processes for businesses to support their ongoing growth and success.
Furthermore, he highlighted the extensive list of products they have been working on, expressing confidence in the potential of more effective payment solutions in the hands of business owners, thanks to the raised funds and the backing of investors.
Establishing a strong presence in Africa
Luci Fonseca, a partner at Base10, praised Nomba’s innovation and capital efficiency record, which convinced her organization to support the payments company. Fonseca expressed enthusiasm about their partnership and said, “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.”
With the new funding, Nomba is expected to expand its products and services, catering to the needs of a broader range of businesses. By delivering innovative and effective payment solutions, the company aims to streamline transactions and provide better support for its growing user base.
Nomba boasts an estimated monthly transaction value of around $1 billion, placing it among Africa’s top payment service providers. The company’s rapid growth and development have attracted significant regional attention, positioning it as a strong contender in the African payments landscape. The latest round of funding will likely bolster Nomba’s position as it continues to innovate and expand its services, catering to the unique needs of businesses across the continent.
