South Africa Fintech Startup Nomanini Raises $1.5m Funding Round
By Tom Jackson
South African fintech startup 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.
The startup, 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.