South African mobile point of sale (PoS) solution Nomanini is looking for further funding this year to accelerate its expansion across Africa, having so far taken in over US$2.3 million in investment.
Nomanini has designed a rugged PoS terminal for informal markets where electricity is not always available, with the capability of selling thing such as airtime, electricity or insurance.
The company in August received US$450,000 in funding from the Industrial Development Corporation (IDC) to launch operations outside of Africa, taking its total raised capital to over US$2.3 million following a February investment from Seychelles-based investment company Rockbridge Investments.
“We’ll likely see another round this year to accelerate our expansion and continue innovating,” chief executive officer (CEO) Vahid Monadjem told Disrupt Africa.
Nomanini has used the funding so far obtained to rapidly scale to other African countries, with Disrupt Africa reporting in December the startup partnered airtime distributor StreetCred to facilitate rollout in Zambia, while in November it signed a deal with ICT provider Paratus Telecom to launch in Namibia. It has also expanded to Kenya, Mozambique, Nigeria, Somalia and Guinea.
“We are currently serving a thousand merchants within six countries across Africa and beyond,” Monadjem said.
“These partners are growing, and with clients in new countries coming online every month, we’re expecting a 10x year,” he said. “We’ll be growing our commercial and operations teams to keep up with this expansion.”
Monadjem said Nomanini sees lots more opportunities in creating a broader range of transaction terminals, with there being a need to augment the services offered on the platform.