Nigerian payment service provider Nomba has raised $30 million in a pre-Series B investment to support the delivery of payment solutions for African businesses.
– A key point to note
The round, led by San Francisco-based Base 10 Partners and backed by Shopify, values the company at $150 million+ according to YCombinator data on its most valuable companies, Techcrunch reported.
In addition to Shopify, existing investors Partech Partners and Khosla Ventures, also participated alongside a new investor Helios.do.
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Founded in 2016 by Yinka Adewale and Pelumi Aboluwarin, Nomba offers digital payment solutions, initially through a chatbot named Kudi.ai, which has since been expanded into a suite of payments and banking tools for Nigerian business owners. The company rebranded to “Nomba” in 2022.
With the latest investment, Nomba has raised approximately $36.7 million USD to date. In 2019, Nomba raised $5 million USD in a Series A round that saw contributions from Partech, Khosla Ventures, and Michael Seibel, the managing director of Y Combinator.
According to Adewale, the capital raised in this investment round will enable Nomba to deliver tailored payment and operational solutions designed for specific businesses, such as food companies and restaurants, as well as logistics and transport companies. The company also plans to explore a pan-African expansion after seeing initial success in Nigeria.
Nomba is the latest addition to Shopify’s investment portfolio, which largely focuses on funding companies that support the Shopify merchant ecosystem, as well as online retailers more generally.
Some of the companies that Shopify has backed include Triple Whale, a unified business metrics platform for e-commerce businesses, and Loop, a returns platform for Shopify brands.
Shopify’s investment in Nomba marks its first foray into the African market, showing the company’s growing interest in expanding its investment reach globally.
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