African fintech Nomba raises USD 30 million in oversubscribed funding round

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

Nomba is a fully licensed payment service provider in Nigeria supporting over 300,000 businesses, from solopreneurs to large organizations, with a wide range of payment solutions and administration and banking tools that enable better business processes. The company processes $1 billion in monthly transactions, representing a market-leading gross transaction value (GTV) for an African payment service provider.

Founded 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. Prior to this round of funding, Nomba had only previously raised $5 million in funding and leveraged these funds to successfully grow the business and effectively deliver solutions that have positively impacted hundreds of thousands of businesses across Nigeria. With this new capital, the company plans to deliver more solutions for businesses in Nigeria, across Africa and in other markets as opportunities may arise.

According to Yinka Adewale, CEO and co-founder of Nomba, “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. 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.”

The financing round was oversubscribed, reflecting investors’ confidence in Nomba’s innovative solutions for African businesses. Luci Fonseca, Partner at Base10, said: “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.”