Written by Ezeja Victor
Nomba, Nigerian Fintech firm focused on providing digital payment services has raised $30 million in Pre-series B funding round to deliver custom payment solutions for different businesses in Africa.
The equity funding round was led by a San Francisco-based investment firm, Base10 Partners, that has previously invested in companies like Nubank, Plaid, and Brex.
Helios Digital Ventures, Shopify, Partech, and Khosla Ventures also participated.
The funding will enable Nomba to deliver more payment solutions for businesses in Nigeria, Africa, and across other global markets.
Formerly known as Kudi, Nomba which started as an AI chatbot that helped people process online payments on social apps, currently supports more than 300,000 businesses with a wide range of banking, management, and payment solutions and is also said to process $1 billion transactions monthly.
Launched in 2016 as “Kudi.ai,” a chatbot integration that responds to financial requests on social apps, Nomba has evolved over the years into a profitable, omnichannel payment service provider.
On what the company intend to use the new funding to do, part of a statement from Nomba says: “Nomba will deliver payment solutions that have been designed for the specific services that businesses provide, enabling them to plug gaps in their payment processes, operate more efficiently, and deliver excellent customer experiences.”
Designing Payment Solutions for Specific Business Services
With the new capital infusion, Nomba plans to offer payment solutions designed for specific business services to help plug gaps in their payment processes and operate more efficiently while delivering excellent customer experiences.
Most businesses operated with the Point of Sale (POS) device, but Nomba says it wants to come up with a bespoke model of collecting payments. For instance, restaurants will be able to access menus, manage inventory, receive payments, and perform other business functions from the same hardware. For transport and logistics companies, Nomba’s solutions will enable them to directly connect their transactions to payments, creating a more seamless experience that increases sales and profitability.
Nomba Sees Payment as a Business Model
Nomba says it sees payment as a business model not just a product and 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.
” 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,” Yinka Adewale, the CEO and co-founder of Nomba, said in a statement.
The company also plans to deliver a range of business tools, including invoicing and order management solutions for business across Africa, starting from Nigeria.
This it says, would help to improve efficiency and reduce the cost of operations for businesses.
Luci Fonseca, Partner at Base10, expressed excitement about supporting Nomba to deliver its game-changing solutions to power growth and continued success for businesses in Nigeria and beyond.
According to YCombinator data, Nomba is currently valued at $150 million. As more businesses adopt digital payment solutions, Nomba’s omnichannel payment service provider model is likely to become even more relevant, supporting continued growth and success for businesses across Nigeria and beyond.