NALA Raises $40 Million in Series A Funding to Fuel Global Expansion and B2B Services

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Tanzanian-born fintech company NALA has secured an impressive $40 million in its Series A funding round. Led by Acrew Capital, the round also saw participation from DST Global, Norrsken22, HOF Capital, and existing investors like Amplo and NYCA Partners. Notably, angel investors Ryan King (Chime) and Vlad Tenev (Robinhood) also contributed.


Nala's journey began in 2017, initially offering local money transfers within Tanzania. However, in 2021, the company pivoted to focus on foreign remittances. Through its consumer app, Nala enables individuals in the E.U., U.K., and U.S. to send money across 249 banks and 26 mobile money services in 11 African countries. The integration with mobile money services like Kenya's M-Pesa allows direct bill payments into local mobile wallets.


Now, Nala is expanding its horizons. The recent funding injection will fuel global growth plans, including scaling its remittance business to serve Asian and Latin American markets. Additionally, Nala is doubling down on its B2B payments platform, Rafiki, which was launched in March. Rafiki powers both Nala's consumer app and serves global businesses making payments into and out of Africa.


With this infusion of capital, Nala aims to build a robust payments ecosystem, ensuring reliable, low-cost transactions for all. As founder and CEO Benjamin Fernandes puts it, "We're not just talking about change; we're building it." Nala's bold ambitions promise a transformative impact on financial inclusion and economic growth.

 🌟💰🌍


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