Nigerian Payments Provider Nomba Secures $30 Million in Pre-Series B Funding Round

The Nigerian payments startup, Nomba, is reported to have raised $30 million via a pre-Series B that was led by Base10 Partners. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.”

Plugging Gaps in Payment Processes

Nomba, a Nigerian payments startup, has raised a US$30 million pre-Series B funding round. According to a Disrupt Africa report, the startup’s oversubscribed equity round was led by San Francisco-based Base10 Partners. Helios Digital Ventures, Shopify, Partech, and Khosla Ventures also participated in the round.

As per the report, Nomba, which was previously known as Kudi, will the investment to produce a payments solution that enables it to plug gaps in its payment processes. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.”

Commenting on the startup’s successful capital raise, Yinka Adewale, who co-founded the payments firm in 2017, 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.

For her part, Luci Fonseca, a partner at Base10, said Nomba’s record of innovation and capital efficiency is what convinced her organization to support the payments company.

“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,” Fonseca said.

With an estimated monthly transaction value of approximately $1 billion, Nomba is already ranked among Africa’s best payment service providers.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.