Fintech Start-Up Nomanini Manages To Secure $1.5 Million In Funding. South African fintech start-up Nomanini has raised a new round of funding worth US$1.5 million from new and existing investors to grow its team, invest in product development and scale its offering. Founded in 2010, Nomanini has developed a platform that enables informal merchants and micro-entrepreneurs in emerging markets to distribute digital goods such as airtime and prepaid electricity.
According to Disrupt Africa, the start-up, which also offers micro-loans to merchants and operates in markets such as Ghana and Mozambique, raised a US$4 million funding round led by Standard Bank, Africa’s largest bank, and completed by Goodwell Investments, an Amsterdam-based investment firm, in 2019, and those two investors have each pumped an additional US$500,000 into this latest round. Nomanini has also announced the addition of FMO – the Dutch Entrepreneurial Development Bank – to its list of investors in this latest funding round, also contributing US$500,000. The company will leverage the funding to grow its network of financial service providers and value chain partners, invest in product development and operational scalability, and expand the team with top-tier talent working across Africa.
“Nomanini continues to put the livelihoods of MSME retailers at the centre of our focus. COVID-19 served to underscore the importance of these entrepreneurs for their communities as well as their lack of access to financial tools to provide resilience in this time of crisis. With FMO on board, we are looking forward to expanding our partnerships to include more like-minded financial service providers.” said Vahid Monadjem, chief executive officer (CEO) of Nomanini in an interview with Disrupt Africa.
Jeroen Harteveld, MASSIF fund manager at the FMO told Disrupt Africa that, “Beyond Nomanini’s talented team, we believe its existing B2B partnerships are unprecedented for a fintech. We are excited to support Nomanini to scale further by leveraging FMO’s knowledge and vast network of partners in the African financial services sector.”
Wim van der Beek, managing partner of Goodwell Investments and board member at Nomanini told Disrupt Africa that, “We believe in Nomanini’s market approach and the ability of the team to capture the growth opportunities. As investors focused on inclusive growth, we are excited to put more money behind this conviction. We are happy to welcome FMO into the circle of investors: their support will help Nomanini grow its circle of partners around Africa even faster.”