Nigerian fintech Nomba raises $30 million in Pre-Series B

Amidst the growth of Africa’s digital payments ecosystem, most businesses still only have access to generic vending machines to support the collection of payments. These machines also typically operate in isolation from the rest of the business operations, leading to a number of inefficiencies in their business processes.

Since launching in 2016 as “Kudi.ai”, a chatbot integration that answers financial inquiries on social apps, Nomba has evolved over the years into a profitable omnichannel payment service provider. The company supports more than 300,000 businesses with a wide range of payment solutions, as well as administration and banking tools that enable better business processes and support business owners to become better at doing business.

The company processes $1 billion in monthly transactions, representing a market-leading gross transaction value (GTV) for a payment service provider in Africa.

To double its efforts, Nomba (formerly Kudi) has secured $30 million in a pre-series B round led by San Francisco-based Base10 Partners (investors in Nubank, Plaid and Brex), with participation from Helios Digital Ventures, Shopify, Partech and Khosla Ventures.

“We see payments as a business model, not just a product, and we want to make it easier for businesses to take advantage of everything possible in their payments processes to support their continued growth and success,” Yinka Adewale, CEO and co-founder of Nomba. “We have a long list of products we’ve worked on, and the funds we’ve raised as well as the investors who’ve backed us give us a lot of confidence in what can be achieved with more efficient payment solutions in the hands of business owners. .”

According to a statement shared with Benjamindada.com, this new investment will enable Nomba to deliver payment solutions designed for the specific services businesses offer, enabling them to close gaps in their payment processes, “work more efficiently and deliver excellent customers”. experiences”.

Through these solutions, restaurants will be able to access menus, manage inventory, receive payments and perform other business functions all from the same hardware. For transport and logistics companies, it will also enable them to connect their transactions directly to payments, creating a more seamless experience that increases sales and profitability.

Starting in Nigeria (then the rest of Africa), Nomba will also deliver a range of business tools, including invoicing and order management solutions to improve efficiency and reduce operating costs for businesses across the continent.

“Nomba’s track record of innovation and capital efficiency makes it one of the most exciting startups in Africa. We are thrilled to support them in delivering their game-changing solutions for power growth and continued success for businesses in Nigeria and beyond,” Luci Fonseca, Partner in Base10, added.