NALA, established by Tanzanian entrepreneur Benjamin Fernandes, has raised $40 million for international expansion and development of payment rails throughout Africa and beyond.
NALA distinguishes itself as an innovative African payments company and money transfer app. It allows users to send secure and dependable payments from Europe, the United Kingdom, and the United States to Tanzania, Kenya, Rwanda, Uganda, and Ghana in seconds.
Last year, the company increased its reach by entering the European Union (EU), adding 19 new countries to its list of send destinations. This smart move has helped NALA further its aim of connecting Africans around the world.
NALA has grown significantly during the past year. The company increased revenue tenfold, became profitable, and sustained positive cash flow.
Over the previous 20 months, NALA has seen a 34x rise in transaction volume. These accomplishments demonstrate NALA’s potential and readiness for future growth and worldwide expansion, which is backed by the recent $40 million Series A fundraising round.
Acrew Capital led the Series A fundraising round, which also included DST Global Partners, Amplo, Norrsken22, HOF Capital, and famous angel investors Ryan King and Vlad Tenev. This money will allow NALA to develop its consumer business beyond Africa, targeting the worldwide migrant diaspora. It will also help with the development of Rafiki, NALA’s new B2B payments platform, which aspires to build the payment infrastructure for the next billion customers.
“The $40 million capital round represents a watershed moment for NALA. It will allow us to move beyond remittances and expand our reach outside Africa, resulting in a strong payments ecosystem. We are reinvesting this money in our infrastructure to ensure that everyone receives reliable, low-cost payments. With the launch of our own payment rails and the development of our B2B platform Rafiki, we are not simply talking about change; we are creating it. “We have some bold, ambitious plans; give us a couple of years,” said Benjamin Fernandes, NALA’s founder and CEO.
NALA’s success is bolstered by prior fundraising efforts. In 2022, the firm raised $10 million from Accel, Amplo, and Bessemer Partners, paving the way for its current success.
Under Benjamin Fernandes’ creative leadership, NALA is poised to transform the payments environment not only in Africa, but around the world.
With smart investments, new technologies, and a dedication to creating a dependable and low-cost payments environment, NALA is poised to become a key participant in the global fintech sector.