Nigeria-based Nomba raises $30m for payments expansion

The funding will be used to support the delivery of its bespoke payments solutions in Africa

Nomba has raised $30m in a pre-series B funding round. 

The funding will be used to support the growth of its payments offering for businesses across Africa. 

The oversubscribed round was led by San Francisco-based Base10 Partners, with participation from Helios Digital Ventures and Shopify, among others.  

Before this round, Nomba raised $5m in funding.  

In Africa, payments are typically inefficient, Nomba said, as POS machines usually work in isolation from the rest of the business. 

Nomba tailors its solutions to the needs of the business. For example, restaurants can access menus, manage inventory and receive payments all from the same hardware. 

Yinka Adewale, chief executive officer and co-founder of Nomba, said that payments are a “business model, not just a product”. 

He continued: “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.” 

Luci Fonseca, partner at Base10, commented: “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.” 

Image: Nomba  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.