Fintech raises $30 million to boost payment service
Nomba, a payment service provider for African businesses, has revealed that it raised a $30 million Pre-Series B funding round to support the delivery of payment solutions for African businesses.
In a statement, the equity funding round was led by San Francisco-based Base10 Partners who are also investors in Nubank, Plaid and Brex, with participation from Helios Digital Ventures, Shopify, Partech and Khosla Ventures.
Commenting on the funds raised, CEO and co-founder of Nomba, 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 this. is possible in their payment processes to support their continued growth and success.”
Adewale explained that the firm had 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.”
Partner at Base10, Luci Fonseca also 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.”
The statement added that despite recorded growth in digital payments across Africa, most businesses were limited to generic vending machines to support the collection of payments.
“These machines also typically operate in isolation from the rest of their business operations, leading to a number of inefficiencies in their business processes,” it said.
It added that with the new funding, the fintech’s payment solution can plug into the gaps in African business payment processes.
The firm said its business model will cut across transport and logistics, a range of business tools including invoicing and order management solutions to improve efficiency and reduce operating costs for businesses across the continent.
The company reported that it “processes $1 billion in monthly transactions, which represented a gross market capitalization for a payment service provider in Africa.
“This new capital will enable the company to deliver more solutions for businesses in Nigeria, across Africa and in other markets as opportunities may arise.”
