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Banking and payments for businesses in Africa
Nomba has raised $35.0M across 2 funding rounds.
Key people at Nomba.
Nomba was founded in 2017 by Yinka Adewale (Founder/CEO) and Pelumi Aboluwarin (Founder/CTO).
Nomba has raised $35.0M in total across 2 funding rounds.
Nomba provides Banking and payment to over 200k+ business in Africa (Nigeria & DRC).
Nomba was founded in 2017 by Yinka Adewale (Founder/CEO) and Pelumi Aboluwarin (Founder/CTO).
Nomba has raised $35.0M in total across 2 funding rounds.
Nomba's investors include Base10 Partners, Y Combinator, Helios Investment Partners, Khosla Ventures, Partech, Shopify.
Nomba is a Nigerian fintech company providing banking and payment solutions tailored for small and medium-sized businesses (SMBs) across Africa, primarily Nigeria and the Democratic Republic of Congo. It serves over 200,000 businesses by offering affordable, easy-to-use point-of-sale (POS) terminals and digital payment services that enable merchants to accept card payments, manage finances, and access banking features without traditional bank branches. Nomba’s platform supports retail shops, restaurants, market traders, and service providers, addressing the challenges of financial inclusion and transaction management in Africa’s evolving digital economy[1][2][3].
For an investment firm, Nomba’s mission centers on empowering African SMBs through accessible fintech solutions, focusing on sectors like retail, hospitality, and local services. Its investment philosophy likely emphasizes scalable fintech innovations that drive financial inclusion and digitization in emerging markets. Nomba’s impact on the startup ecosystem is significant, as it fosters entrepreneurship by simplifying payments and business management, thus catalyzing growth for underserved businesses[1][2].
Nomba was founded in 2017 by Pelumi Aboluwarin (CTO) and Yinka Adewale (CEO), both with strong tech backgrounds. The idea emerged from the need to provide modern, affordable banking and payment tools to small businesses in Nigeria, which traditionally faced barriers to accessing such services. Starting as an agency banking platform, Nomba evolved into a leading merchant payment platform, gaining early traction by addressing the specific needs of Nigerian SMEs with reliable POS devices and digital banking features[2][5].
Nomba rides the trend of fintech-driven financial inclusion and digital transformation in Africa, where a large portion of the population remains underserved by traditional banks. The timing is critical as smartphone penetration and internet access increase, creating demand for digital payment solutions tailored to local needs. Market forces such as government support for cashless economies, rising e-commerce, and the growth of SMEs favor Nomba’s expansion. By enabling easy payment acceptance and business management, Nomba influences the broader ecosystem by accelerating the digitization of commerce and fostering entrepreneurship in Africa[1][2][3].
Looking ahead, Nomba is poised to expand its footprint across Africa, deepen its product offerings, and leverage partnerships with global players like Shopify and Base10 Partners to scale. Trends shaping its journey include increased adoption of digital payments, API-driven banking services, and integration with e-commerce platforms. As Nomba grows, its influence will likely extend beyond payments to become a comprehensive business financial platform, further driving financial inclusion and economic empowerment for African SMBs[2].
This trajectory ties back to Nomba’s core mission of transforming how African businesses bank and get paid, positioning it as a key enabler in the continent’s fintech revolution.
Key people at Nomba.
Nomba has raised $35.0M across 2 funding rounds. Most recently, it raised $30.0M Series B in May 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2023 | $30.0M Series B | Base10 Partners | Y Combinator, Helios Investment Partners, Khosla Ventures, Partech, Shopify |
| Apr 1, 2019 | $5.0M Series A | Y Combinator |