In recent years, Nigeria has witnessed rapid growth in its technology sector, with numerous startups emerging to address various challenges faced by its population. Among these innovative ventures, Nomba, a Nigerian payment startup, has made significant strides in revolutionizing the way people transact in the country.
Nomba is an organization that provides financial services and offers individuals access to banking services. Basically, they leverage artificial intelligence and conversational interfaces to provide a quick and seamless experience.
Formerly known as Kudi, the start-up was founded in 2016 by Yinka Adewale and Pelumi Aboluwarin as a chatbot designed to simplify payments.
In 2018, it evolved into a company whose distinct point of sale (POS) technology and partnerships with banks and other licensed financial institutions democratized access to banking products and services for merchants across Nigeria.
In 2022, the fintech startup changed its name to Nomba when it transitioned into an omni-channel payment platform providing tools to enable businesses to grow. The company expanded its range of services to provide easy-to-use business tools for all businesses to accept, process, and manage payments online and offline. Additionally, Nomba’s business dashboard gave merchants valuable insights into their sales, inventory management, and customer behavior, empowering them to make informed decisions and improve their operations.
Listed as a YCombinator Top Company in 2022, Nomba serves over 300,000 businesses and processes $1 billion in monthly transactions.
Funding:
Earlier this month, the Nigerian payment startup, announced that it has raised $30 million in a pre-Series B investment. The round was led by San Francisco-based Base10 Partners (investors in Nubank, Plaid, and Brex), with participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
In 2019, Nomba secured a US$5 million Series A funding round led by Partech Partners, joined by Y Combinator chief executive officer (CEO) Michael Seibel, and featuring existing investors Khosla Ventures and Y Combinator.
Conclusion:
Nomba’s journey from a fledgling startup to a trailblazer in Nigeria’s payment industry is a testament to the power of innovation and determination. As the company continues to grow and adapt to emerging trends, it is poised to play an even more significant role in shaping the future of payments not only in Nigeria but also across the African continent.
