Nomba, a Nigerian payments startup previously known as Kudi, has raised $30 million in a pre-Series B funding round led by Base10 Partners. In addition to Base10 Partners, Helios Digital Ventures, Shopify, Partech, and Khosla Ventures all participated in the oversubscribed equity round. With an estimated monthly transaction value of approximately $1 billion, Nomba has already established itself as one of the leading payment service providers in Africa.
The startup plans to use the new funds to produce a payments solution that will enable it to plug gaps in its payment processes, thereby allowing it to operate more efficiently and deliver excellent customer experiences. According to Yinka Adewale, a co-founder of Nomba, payment is a business model, not just a product. He stated that the firm aims 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.
Luci Fonseca, a partner at Base10, said that Nomba’s record of innovation and capital efficiency is what convinced the organization to support the payments company. She added that they are thrilled to be supporting Nomba to deliver its game-changing solutions to power growth and continued success for businesses in Nigeria and beyond.
Nomba’s recent fundraising round is a testament to the increasing interest in fintech solutions and digital payments in Africa. With more and more Africans accessing mobile devices and the internet, the demand for these services is expected to rise significantly in the coming years. Through innovative solutions like Nomba's, businesses and consumers alike stand to benefit from streamlined payment processes and improved access to financial services.
Overall, Nomba’s successful capital raise is indicative of the growing potential of Africa's fintech industry. As the African economy continues to develop, there is considerable scope for further investment in the sector, which has the potential to create jobs and drive economic growth across the continent. With digital payments set to become increasingly influential in the global financial landscape, African fintech firms like Nomba are well-equipped to take advantage of emerging opportunities and drive innovation in the industry.
