Nigerian fintech startup, Nomba, has closed a $30 million pre-Series B round led by Base 10 Partners. Helios Digital Ventures, Shopify, Partech, and Khosla Ventures are the other investors in this round.
Founded in 2016, Nomba's first iteration, Kudi, was a chatbot that responded to financial requests, allowing users to make transfers, buy airtime, and pay bills. However, it soon pivoted to agency banking services. Last year, it underwent a rebrand, dropping the name, Kudi, for Nomba and adding payments and business banking services for its users.
Now serving more than 300,000 businesses and processing $1 billion in monthly transactions, the startup intends to provide more services to its customers, including invoicing and order management.
With a fresh injection of funds, the startup says it plans to add more services to businesses in Nigeria and across Africa.
According to Yinka Adewale, the startup's CEO, "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."
Nomba's wide range of services means it competes with startups across the payments, business banking, and bookkeeping verticals. For example, it helps businesses create and send invoices while customers can view a restaurant's menu and place orders from a mobile device. This comes as an increasing number of businesses build banking solutions for Nigeria's SMEs that have typically struggled to access convenient banking services. In 2022, Moniepoint transitioned to a business banking provider after years of providing agency banking services, joining players like Brass and Prospa.