Nala, an African remittance startup, has raised a remarkable $40 million in Series A funding, marking one of the largest transactions of its kind in Africa. This round, oversubscribed and led by Acrew Capital, with support from DST Global and other notable investors, underscores confidence in Nala’s vision and growth potential.
Founded by CEO Benjamin Fernandes, Nala plans to leverage this capital to expand globally, focusing on scaling its remittance services into Asian and Latin American markets. The funding will also bolster Nala’s B2B payments platform, Rafiki, enhancing its capability to facilitate international business transactions across Africa.
The company’s consumer app already facilitates money transfers across 249 banks and 26 mobile money services in 11 African markets, including integration with popular platforms like Kenya’s M-Pesa. With user-centric features like bill payments directly into local mobile wallets, Nala empowers users with comprehensive control over their finances.
Responding to user demand for enhanced financial control, Nala recently launched payment capabilities, laying the groundwork for broader service offerings in new target markets, starting with Asia. This strategic move aims to fulfill customer needs for seamless, efficient money management solutions globally.
Benjamin Fernandes emphasized, “This funding round is pivotal for Nala’s evolution. Beyond remittances, we’re expanding our payments ecosystem to redefine financial inclusivity. With investments in infrastructure and innovations like our own payment rails, we’re committed to driving reliable, cost-effective payments worldwide through our platform.”
Since its inception in 2017, Nala has transformed from local money transfers in Tanzania to facilitating cross-border remittances, aligning with global fintech trends. The company’s growth trajectory highlights its dedication to revolutionizing financial services across continents.
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