Nomba is keen on becoming an African FinTech unicorn having secured another investment after accumulating generous offerings from significant investors in the continental tech industry. The payment service provider rounded up its pre-Series B fundraising session with $30 million led by Shopify and Base 10 Partners, supporting the Nigerian FinTech start-up financially.
The thirty million dollar pre-Series B investment has reportedly impacted Nomba’s net value up to one hundred and fifty million dollars. This financial development by the payment service provider has also impacted Y Combinator to recognise the FinTech start-up company as one of its valuable FinTech solutions.
According to the YC’s report on Nomba’s newly bagged investment, the payment service provider innovation scheme on financial inclusion has attracted San Francisco’s finest to inject more liquid assets posing as business capital for the FinTech start-up company.
The payment service provider CEO, Adeyinka Adewale, disclosed his company’s secured investment as a means to share gratitude for the offerings Nomba received. The FinTech CEO noted that Shopify’s indulgence in his business is ideal to scale the size of his business into altered growth per the experience of its global e-commerce solutions
“Our core focus has been figuring out how to help small businesses essentially scale. A lot of that is hinged on what kind of software tools we provide which could potentially reduce their cost of operation and provide better visibility to their business,” Adewale’s comment denotes that YC will deliver its support to drive his company towards digital penetration in the continent.
Nomba was not developed by Adewale’s technology expertise alone, Pelumi Aboluwarin also contributed to Nomba’s development. However, Nomba formerly existed as Kudi, a FinTech chatbot API that can be integrated with other social media platforms. Kudi was designed as a chatbot for financial solutions – it shows related results on financial queries.
Kudi was launched in 2016 for other FinTech service providers to utilize its services and resolve their network from encountered challenges. The chatbot faced more challenges than it was designed to resolve – Kudi could not scale its operations across the continent, not even its homegrown marketplace and it brought about Nomba’s introduction in the market.
Being unable to expand and record generous revenue, Aboluwarin, and Adewale were impacted to lead the start-up rebrand into a full-time payment service infrastructure to make ends meet. Nomba retired Kudi and led the FinTech solution to acquire its pre-Series A deal that secured $5 million worth of business capital.
As a payment service provider, Nomba targets the cash-based economy and the underbanked into a cashless economy due to the rapid growth of digital inclusion in Africa. With POS terminals, Nomba consent to offer essential financial services such as cash withdrawal, transfer, and bill payments to the unbanked and underbanked population in its existing marketplace.
Still, the payment service provider did not report furthering expansion with the thirty million dollars the likes of Shopify, Base 10 Partners, Helios Digital Ventures, Partech, and Khosla Ventures contributed to hype Nomba’s current net value.