NOMBA raises $30 million at over $150 million valuation

NOMBA, formerly known as Kudi, announced that it has raised $30 million at a valuation of over $150 million. The Series-B funding round was led by San Francisco-based Base 10 Partners. Other participants include existing investors Partech and Khosla Ventures and new investors including including Helios Digital Ventures and Shopify (this is Its first investment in Africa).

According to the company, the recent investment will enable them to provide customized payment and operational solutions that cater to the specific needs of businesses. These solutions are intended to fill any existing gaps in the payment processes of food companies, restaurants, logistics, and transport companies.

The payment service provider currently supports more than 300,000 businesses with a wide range of banking, management & payment solutions and claims to process $1 billion transactions every month.

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.”

On the investment, 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.”

Nomba started its journey in 2017 as a chatbot 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 also includes core banking solutions such as opening savings accounts and loans.