Nigeria-based payment startup, Nomba, has recently secured a $30 million pre-Series B funding round, which was led by Base10 Partners. The funding round also saw participation from several other investors such as Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
Nomba, formerly known as Kudi, plans to use the funds to develop a new payments solution that closes gaps in its current payment processes. The startup aims to streamline its operations and offer top-tier customer experiences with its new payments solution.
The company’s co-founder, Yinka Adewale, said, “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 give us a lot of confidence about what can be achieved with more effective payment solutions in the hands of business owners.”
Luci Fonseca, a partner at Base10, commented on the startup’s innovation, adding, “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.”
Currently, Nomba is considered one of the best payment service providers in Africa with an approximate monthly transaction value of $1 billion.
Nomba’s new payment solution is expected to enable it to offer more advanced technology to its customers. According to Disrupt Africa, the company is already working on several new products and the funding and investment received will allow it to continue its innovative efforts.
Nomba’s capital efficiency and innovation was what convinced Base10 to lead the funding round. The payment startup’s activities in the fintech space have shown great promise and with its recent funding success, the company hopes to expand its offerings and continue providing excellent services to its customers.
Nomba’s new payment solution is expected to greatly enhance its payment processes, making operations more efficient and offering customers an exceptional experience. The platform has already made great strides within the fintech space in Africa with its record of innovation. The pre-Series B funding round has given Nomba the financial backing it needs to continue its innovative efforts and we can expect the startup to remain a leader in the African fintech industry. Overall, the success of Nomba demonstrates that there are vast opportunities for startups ready to leverage technology in improving the financial market across the African continent.