A payment service provider for African businesses, Nomba has revealed that it raised a $30m Pre-Series B funding round to support its 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, the Chief Executive Officer 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 that 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 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, Partner at Base10, Luci Fonseca, 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.”
The statement added that despite recorded growth in digital payments across Africa, most businesses were limited to generic point-of-sale machines to support the collection of payments.
“These machines also typically work in isolation from the rest of the business operations, leading to a variety of inefficiencies in their business processes,” it said.
It added that with the new funding, fintech’s payment solution could plug into the gaps in African business payment processes.
The firm said its business model would cut across transport and logistics, a range of business tools, including invoicing and order management solutions to improve efficiency and reduce cost of operations for businesses across the continent.
The company reported that it “processes $1bn in monthly transactions, which represented a market gross transaction value 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 the opportunities may emerge.”
