Nomanini has secured bridging funding
Nomanini, a pioneering integrated digital fintech on a mission to improve the businesses of informal convenience retailers in Africa using innovative digital financial services, has secured bridging funding from its existing shareholders, of an aggregate amount of USD 2.2 million, including disbursed bridge investment, prepayment, and capital commitment. The bridging capital will be used for production capacity expansion and new product development. Verdant Capital is currently raising a USD 5 million Series A extension for Nomanini, the external portion of which is likely to be reduced commensurately with this bridge.
The Company recently launched its StockNow product in Tanzania with a key partner Nestlé, Nomanini’s launch of StockNow has formalised the relationship enabling a more strategic approach to alleviate some of the challenges experienced by retailers in Africa’s general market, especially as they recover from the effects of the pandemic. Additional expansion into new markets and new partnerships are expected to be announced in the near term.
Global FMCG value chains reach ten million informal retailers in Africa. Still, retailers lack access to reliable and affordable finance solutions to keep their shelves stocked to attract customers and grow their businesses.
Nomanini’s modular, configurable and multi-tenant platform has processed millions of transactions and loans. It provides retailers with an interoperable wallet to facilitate consumer-facing payments, access to supplier-linked credit and an interface that can host third-party business services. Nomanini also reaches retailers using Embedded Finance methods via integration to third-party services already serving retailers.
Retailers access the platform via an App on their phone or terminal on their countertop. Standard Bank Group has selected Nomanini’s platform to acquire 200,000 retailers. Separately, Nomanini partners with, modernises and acquires independent mobile distributors across Africa.