Cape Town-based fintech startup, Nomanini, which facilitates financial service providers and fast-moving consumer goods (FMCG) companies in reaching retail micro-, small and medium enterprises (MSMEs) and their customers in South Africa, has secured US$500k from Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch public-private partnership.
Here Is What You Need To Know
- FMO disbursed the funding by way of a convertible loan from the government fund MASSIF, a fund it manages for the Dutch government.
- Nomanini will use the funding to boost its pan-African expansion.
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“Nomanini’s focus on informal and un(der)banked merchants, including vendors, kiosk- and shop holders across Africa, fit perfectly with the mandate of the financial inclusion fund”, said MASSIF fund manager Jeroen Harteveld. “Beyond Nomanini’s talented team, we believe its existing B2B partnerships are unprecedented for a FinTech. We are excited to support Nomanini to scale further by leveraging FMO’s knowledge and vast network of partners in the African financial services sector.”
FMO joins Goodwell Investments and Standard Bank Group in backing the South African-based fintech company in a recent joint funding round.
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MASSIF supports access to financial services such as savings and loans for micro-, small and medium-sized enterprises. Set up in 2006, the fund is active mostly in low-income countries,supporting MSMEs, agricultural value chains, access to basic goods, andenterprises owned by women and youth. MASSIF has a portfolio of EUR 545 million (USD 647 million) as of December 2019.
Established in 1970, FMO is 51-percent held by the Dutch government and 49-percent by private sector institutions. The development finance institution works toward the UN’s Sustainable Development Goals by funding capacity development as well as placing debt and equity investments in sectors such as agribusiness, financial institutions, and energy. During the six months ending June 2020, FMO lost EUR 280 million (USD 330 million) on a total portfolio of EUR 12.7 billion (USD 14.9 billion).
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Here Is What You Need To Know About Nomanini
Founded in 2011, Nomanini focuses on unbanked vendors, kiosk- and shop holders, while its strategic partnerships allow the FinTech platform to be one of the ‘winning’ models. 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. This fits with MASSIF’s objective to support end-beneficiaries through financing local financial intermediaries and institutions.
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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 in this traditionally underserved sector. The company is now focusing on cultivating more partnerships and further developing its solutions for both financial service and FMCG (Fast Moving Consumer Goods) providers.
The startup has offices in Kenya as well as in South Africa. Its investors include Goodwell Investments, which has offices in Kenya, the Netherlands, and South Africa, and Standard Chartered, a UK-based bank that is mainly active in Africa, Asia, and the Middle East. Financial data for Nomanini are unavailable.
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