Nomba, a Nigerian fintech startup, has successfully raised $30 million in a pre-Series B funding round. The equity round was led by San Francisco-based Base10 Partners and saw participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures. The startup, formerly known as Kudi, plans to use the investment to develop a payments solution that will enable it to fill gaps in its payment processes and offer better services to its customers.
The Plan for Investment
Nomba plans to use the funds raised to create a payments solution that will help it to operate more efficiently and deliver excellent customer experiences. Yinka Adewale, co-founder of Nomba, said that the company sees payment as a business model and not just a product. He added that the startup wants 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. The investment will allow Nomba to develop a long list of products that it has been working on, giving it confidence about what can be achieved with more effective payment solutions in the hands of business owners.
The Investors’ Perspective
Luci Fonseca, a partner at Base10, said that Nomba’s record of innovation and capital efficiency is what convinced her organization to support the payments company. She added that Base10 is thrilled to be supporting Nomba to deliver game-changing solutions to power growth and continued success for businesses in Nigeria and beyond.
Nomba is already ranked among Africa’s best payment service providers, with an estimated monthly transaction value of approximately $1 billion. With this new funding, the startup is poised to strengthen its position in the market and offer better services to its customers.