Nomanini Raises More Funding From Impact Investment Firm Goodwell

Written by Kevin Mwanza

South Africa-based enterprise payment platform, Nomanini, has raised funding from Goodwell Investments’ uMunthu fund that targets high-growth startups in the financial inclusion and fintech space in sub-Saharan Africa.

Nomanini became the second startup to receive an undisclosed amount of funding from the 50 million euro ($56.8 million) fund. This will increase the amount of capital the company has raised to over $2.5 million and will help it expand into Ghana and Mozambique.

“The funds and relationship with Goodwell will be used to build towards a larger funding round to fuel the company’s explosive growth,” Vahid Monadjem, Nomanini’s chief executive, said in a statement.

“Goodwell is an ideal investor to bring on board at this juncture,” he added.

Nomanini’s mobile point of sale (PoS) terminal helps merchants in informal markets to replace airtime scratch cards with virtual tokens, which saves the retailer’s overall risk.

The startup is already in six African countries and is looking to expand into the rest of Africa and the United Kingdom.

“We believe Nomanini could become a global provider of a range of services for the informal retail market. It provides a solution that can be applied in all “majority markets”, though in Africa alone the sheer size of the addressable market is attractive,” Wim van der Beek, managing partner at Goodwell Investments, said.

“Nomanini’s micro-payment platform is flexible and can grow with its clients to include not only airtime but also insurance, energy and other services to improve access to affordable products and services for low income households.”

Goodwell currently has close to $114 million in assets under management, with 18 portfolio companies in Africa and India serving more than nine million clients.