Nigerian Payment Service Provider Nomba Raises $30 Million in Pre-Series B Investment

Nigerian fintech startup Nomba has raised $30 million in Pre-Series B Investment as it plans to launch new products to make it easier for businesses to process payments.

The funding round was led by San Francisco- Based Base 10 Partners, with participation from other investors such as Nubank, Plaid and Brex, Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.

Nomba’s core focus has been figuring out how to help small businesses scale through the provision of Software tools that could potentially reduce their cost of operation and provide better visibility to their business, with the $30 million raised, it seeks to provide these businesses with the necessary products to scale.

Speaking on the recent funds raised, the company’s CEO 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 gives us a lot of confidence about what can be achieved with more effective payment solutions in the hands of business owners.

“This new investment will enable Nomba to deliver payment solutions that have been designed for the specific services that businesses provide, enabling them to plug gaps in their payment processes, operate more efficiently and deliver excellent customer experiences”.

Launched in 2017 as Kudi, before rebranding to Nomba last year, the startup has over 250 employees and more than 150,000 businesses currently on its platform. Nomba’s vision is to enable economic prosperity by supercharging businesses to run efficiently and meet their goals, Investors King understands.

The startup is creating a distinct gateway into the digital economy for businesses of all sizes by providing them with access to everyday tools that simplify payments and drive their growth. Nomba also serves as a savings platform for individuals, basically helping the underbanked and unbanked to execute daily thrift collections seamlessly. Other services it provides include sending and receiving payments, payment of utility bills, and purchasing of airtime.