Nomanini secures series-B funding from Rockbridge Investment Limited

26 FEBRUARY 2014, CAPE TOWN/LONDON/SEYCHELLES
Summary
Nomanini secures series-B funding from Seychelles-based investment company Rockbridge Investments Limited. The funds will enable Nomanini to expand its prepaid platform across Africa and into other developing countries.

This month Nomanini secured series-B funding from Seychelles-based investment company Rockbridge Investments Limited. The latest financing brings the startup's total raised capital to over ZAR 20mil.

“Rockbridge has been looking for some time for the right investment in the mobile space in Africa. In Nomanini we found a company with the ideal mix of strong technology, robust business processes, and speed of delivery,” said Vandy Massey, Rockbridge Investments’ key adviser on the South African market.

Nomanini CEO Vahid Monadjem started the company to bring the power of the mobile revolution to the communities that have the most to gain from it. Nomanini partners with local enterprises in each market who create a locally relevant product on Nomanini’s prepaid platform.

Launched in 2011, Nomanini is now active in South Africa, Kenya and Mozambique and currently expanding to Nigeria, Guinea and Somalia. “At the moment we are at a very exciting inflection point, having proven our underlying technology and business model in multiple counties. We are growing fast,” said Monadjem. The funds will enable Nomanini to scale operations internationally, helping to streamline the fulfillment process, recruit talent needed to keep up with the necessary growth and develop the next generation of payment processing tools for informal retailers.

Monadjem says “Our investment from Rockbridge provides the rocket fuel for Nomanini to scale our business across Africa and beyond. In addition, Nomanini will benefit from the enterprise B2B business development knowledge that Vandy brings to the table.”

“The decision to invest was based on Nomanini’s impressive track record of delivering an effective, customer-friendly solution for mobile top-up in Africa. On a personal level, I am thrilled to have the opportunity to work with such a dynamic, forward-thinking team,” said Massey.

About Nomanini

The vast majority of prepaid in Africa is sold at informal points of sale using physical scratch cards and this method is antiquated. Production and distribution is costly. Scratch cards are prevalent because of the benefits of their physical nature: they are easy, fast and reliable. Nomanini combines the benefits of physical vouchers with direct, electronic delivery to informal retailers.

By 2015 there will be 1 billion mobile subscribers in Africa each spending an average of over $85 per year. While mobile is the mainstay, many other essential services such as electricity and water are starting to be distributed via prepaid vouchers. Nomanini provides technology for the distribution of prepaid services. Their prepaid cloud solution dramatically improves distribution of and access to prepaid services. This is achieved by combining a highly-scalable, cloud-based transaction platform with proprietary point of sales hardware.

About Vandy Massey

Vandy Massey is a company founder and director, and an investor. She also advises international family offices on aspects of investment strategy.

Her business experience across the UK and Southern Africa enable her to advise and facilitate on business strategy and investments within and between those two business environments.

In 2008, she was awarded the Institute Of Director's Enterprise Award in the East of England's Businesswoman of the Year Awards.

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Quotes
"At the moment we are at a very exciting inflection point, having proven our underlying technology and business model in multiple counties. We are growing fast" Vahid Monadjem
"Our investment from Rockbridge provides the rocket fuels for Nomanini to scale our business across Africa and beyond. In addition, Nomanini will benefit from the enterprise B2B business development knowledge that Vandy brings to the table." Vahid Monadjem
"Rockbridge has been looking for some time for the right investment in the mobile space in Africa. In Nomanini we found a company with the ideal mix of strong technology, robust business processes, and speed of delivery." Vandy Massey
"The decision to invest was based on Nomanini’s impressive track record of delivering an effective, customer-friendly solution for mobile top-up in Africa. On a personal level, I am thrilled to have the opportunity to work with such a dynamic, forward-thinking team." Vandy Massey
About Nomanini

As the pioneering fintech platform for the informal retail ecosystem, Nomanini connects merchants and distributors to each other and global service providers, integrating payments, working capital, and data analytics to unlock the latent potential of Africa’s economy.

Nomanini turns any mobile device into a retail point-of-sale solution for informal merchants that is connected to an interoperable merchant wallet. The interoperable merchant wallet allows merchants to offer a broad range of digital banking (including cash-in/cash-out), mobile, utility and entertainment services to their customers boosting competitiveness. In turn, digital service providers rapidly increase the scale and reach of their offerings. By generating real-time insights based on transaction data, distributors using the platform gain a single view of their merchant network, ensuring inventory is where it is needed most to improve sales. Distributors can also begin to accept payments for goods electronically, eliminating the risk and inefficiency of collecting cash. With data analytics, Nomanini helps extend working capital loans to merchants via distributors allowing them to invest in inventory to grow their businesses. The increased volume of goods and services set against reduced operational friction increases the profits for all platform participants.

Nomanini was founded in 2010 and is headquartered in South Africa.

For more information, please visit https://www.nomanini.com

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