Fintech platform Nomanini, which has its headquarters in South Africa and an additional office in Kenya, has raised fresh funding via private credit from a European backer to boost its pan-African expansion plan.The company has raised $500,000 in convertible loan from the MASSIF fund, which is run by Dutch development finance institution FMO.
Nomanini focuses on unbanked vendors, kiosk- and shop-holders connecting merchants and distributors to each other and global service providers. It integrates payments, working capital, and data analytics.
Over the past year, Nomanini has more than doubled the number of merchants on its platform as well as increased the number of loans fourfold, underpinning the large need for financial services and supply chain financing.
The company is now focusing on building more partnerships and developing its solutions for both financial service and fast-moving consumer goods providers.
“COVID-19 served to underscore the importance of these entrepreneurs (MSME retailers) for their communities as well as their lack of access to financial tools to provide resilience in this time of crisis,” said Vahid Monadjem, CEO of Nomanini.
MASSIF fund manager Jeroen Harteveld said Nomanini’s focus on informal and unbanked or underbanked merchants across Africa, “fit perfectly” with the mandate of the financial inclusion fund.
FMO joins Goodwell Investments and Standard Bank Group in backing the fintech company.
In August 2019, Nomanini had said it raised $4 million in a funding round led by Standard Bank and joined by Goodwell Investments, an Amsterdam-based investment firm focused on fintech and financial inclusion.
The two existing investors have reinvested in the company. Details of the additional funding was not disclosed.
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