Nigerian payment startup, Nomba, raises $30 million in pre-Series B funding
The round was led by San Francisco-based Base10 Partners
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Nomba, a Nigerian payment startup, announced Tuesday that it has raised $30 million in a pre-Series B investment.
The round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid and Brex), with participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
With the new funding, the startup said it would deliver payment solutions that have been designed for the specific services that businesses provide. This will enable them to plug gaps in their payment processes and operate more efficiently to deliver excellent customer experiences.
Formerly known as Kudi, the start-up was founded in 2016 by Yinka Adewale and Pelumi Aboluwarin as a chatbot designed to simplify payments.
In 2018, it evolved into a company whose distinct point of sale (POS) technology, partnerships with banks and other licensed financial institutions democratized access to banking products and services for merchants across Nigeria.
This, the startup said, also includes core banking solutions such as opening savings accounts and loans.
According to the startup, it serves over 300,000 businesses and processes $1 billion in monthly transactions.
Speaking on the funding round, the CEO and 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.
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“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.”
Also speaking, Luci Fonseca, Partner at Base 10 said, “Nomba’s track record of innovation and capital efficiency makes it one of the most exciting startups in Africa. 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.”
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