Nomba, a Nigerian payment service platform that provides accessible and affordable financial services to both banked and unbanked individuals, has recently secured a whooping $30 million in a pre-Series B investment round.
The company intends to utilize this fresh capital injection to bolster its efforts to offer African businesses tailor-made payment solutions. The funding round was spearheaded by Base 10 Partners, a San Francisco-based investment firm (investors in Nubank, Plaid, and Brex). The round has raised the company’s valuation to over $150 million.
Other investors that participated in the round included Partech and Khosla Ventures, already existing investors, and new backers, including Helios Digital Ventures and Shopify. This round is coming after the company .raised $5 million in 2019 in a Series A funding round.
Speaking on the investments, 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.
This new funding will also focus on the specific needs of various businesses, such as food companies, restaurants, logistics, and transport companies. These businesses can operate more efficiently and profitably by addressing the gaps in their payment processes.