South African electronic payment solutions for emerging markets provider Nomanini has secured ZAR4.8 million (US$449,000) funding from South Africa’s Industrial Development Corporation (IDC), in order to enable the company to further expand internationally.
Nomanini announced today it has been granted the funding from the technology oriented venture capital fund in order to scale to new markets, as well as to recruit staff to support the company’s continuing growth.
“Our experience with South Africa’s IDC has been fantastic. As a beneficiary of its funding, Nomanini has been able to create almost 20 direct jobs as well as many more indirect jobs through our network of local suppliers and contractors,” said Nomanini chief executive officer (CEO) Vahid Monadjem.
“The [IDC] representatives with whom we worked are highly capable, thoroughly diligent and extraordinarily helpful,” Monadjem said, adding that he would encourage other South African entrepreneurs to partner with the IDC.
HumanIPO reported in February Nomanini announced it had secured series B funding from Seychelles-based investment company Rockbridge Investments, bringing Nomanini’s total raised capital to over ZAR20 million (US$1.9 million).
Launched in South Africa, Nomanini has expanded to Kenya, Mozambique, Guinea and Somalia, most recently rolling out its services to Nigeria; with further international activity planned on the back of the latest funding.
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