NOMBA, previously known as Kudi, has recently raised $30 million in a Series-B funding round at a valuation of over $150 million. The investment was led by Base 10 Partners, a San Francisco-based venture capital firm, along with existing investors Partech and Khosla Ventures, and new investors, including Helios Digital Ventures and Shopify, which made its first investment in Africa.
The Nigerian payment service provider intends to use the funds to provide customized payment and operational solutions that cater to the specific needs of businesses, particularly in the food, logistics, and transport sectors. NOMBA aims to fill any existing gaps in the payment processes of these companies.
The Journey of NOMBA
NOMBA started its journey in 2017 as a chatbot (kudi.ai) designed to simplify payments. However, in 2018 it evolved into a company whose distinct point of sale (POS) technology, partnerships with banks, and other licensed financial institutions democratized access to banking products and services for merchants across Nigeria. This includes core banking solutions such as opening savings accounts and loans.
The Significance of the Investment
Commenting on the investment, CEO 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. 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.”
Luci Fonseca, Partner at Base10, also shared her excitement about the investment, stating that NOMBA’s track record of innovation and capital efficiency makes it one of the most exciting startups in Africa. She added that they are thrilled to support the company in delivering game-changing solutions to power growth and continued success for businesses in Nigeria and beyond.
NOMBA’s Solutions for Businesses
NOMBA currently supports over 300,000 businesses with a wide range of banking, management, and payment solutions. The company claims to process $1 billion in transactions every month. Its payment service is designed to simplify payment processes for businesses and improve the overall customer experience. NOMBA’s point of sale (POS) technology enables merchants to accept payments from multiple channels, including mobile money, bank transfers, and credit/debit cards.
Additionally, the company provides other services, such as business management tools, inventory tracking, and sales reporting. These tools help businesses to manage their operations more efficiently and make data-driven decisions.
The Future of Payment Solutions in Africa
NOMBA’s success in raising funds highlights the growing demand for payment solutions in Africa. The continent has a vast and diverse population, which presents many challenges for businesses when it comes to payment processes. However, companies like NOMBA are providing innovative solutions to these challenges and helping businesses to grow and succeed.
As more investors look towards Africa for investment opportunities, it is expected that more companies will emerge, providing customized payment solutions that cater to the specific needs of businesses across different sectors.