Nomba raises $30m to streamline payment solutions

By Delisha Fernandes

Nomba, a payment service provider, has raised a $30 million Pre-Series B funding round to support delivering bespoke payment solutions for African businesses.

The oversubscribed equity funding round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid and Brex), with participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.

The company will use this new funding to deliver payment solutions designed for businesses’ specific services, enabling them to plug gaps in their payment processes, operate more efficiently and have excellent customer experiences.

Yinka Adewale, CEO and co-founder of Nomba 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 and the investors that have backed us give us a lot of confidence about what can be achieved with more effective payment solutions in the hands of business owners.”

The company supports more than 300,000 businesses with a wide range of payment solutions, as well as management and banking tools that enable better business processes and support business owners to be better at doing business.

Luci Fonseca, Partner at Base10, said, “Nomba’s track record of innovation and capital efficiency makes it one of the most exciting startups in Africa. 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.”