Nomba, a Nigerian payments startup, has secured a US$30 million pre-Series B fundraising round to help it deliver personalized payment solutions to African companies.
Base10 Partners, based in San Francisco, took the lead in the oversubscribed equity funding round, which also included Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
Nomba, formerly known as Kudi, was founded by Yinka Adewale and Pelumi Aboluwarin in 2017. Since then, it has grown into a successful omnichannel payment solution provider.
The company offers a variety of payment solutions, management and banking tools, and other services to more than 300,000 businesses to help them run their operations more efficiently.
It processes $1 billion worth of transactions each month, which is the highest gross transaction value (GTV) for an African payment service provider.
“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,” Adewale said.
Nomba will begin delivering a variety of business tools, including solutions for invoicing and order administration, all across Africa, starting out with its home base in Nigeria. These tools are designed to help businesses increase their productivity and lower their operating costs.
With the help of the funding, Nomba will offer payment solutions that have been specifically created for the services that companies offer, allowing them to close gaps in their payment processes, work more productively, and give exceptional consumer experiences.
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