Tanzania-founded fintech NALA raises $40m to build cross-border payments for emerging markets

Tanzania-founded fintech startup NALA has raised US$40 million to gas its worldwide growth and launch its personal fee rails for Africa and past.

NALA is an African funds firm and cash switch app that allows customers to make safe and dependable funds from Europe, the UK and US to Tanzania, Kenya, Rwanda, Uganda and Ghana in seconds. Final yr, it launched in the European Union (EU), including 19 new nations to its record of ship nations and aiding its mission of connecting Africans globally.

Within the final yr, NALA has achieved a 10x improve in income, reached profitability, and had optimistic money stream, whereas within the final 20 months it has seen a 34x improve in transaction quantity. It’s now planning additional progress, and additional worldwide growth, after elevating US$40 million in Sequence A funding, in a spherical led by Acrew Capital with participation from DST World, Amplo, Norrsken22 and HOF Capital, and angels equivalent to Ryan King and Vlad Tenev.

The brand new funding will assist NALA’s client enterprise increase past Africa, constructing providers for the worldwide migrant diaspora. It was additionally assist construct Rafiki, its new B2B funds platform, which is designed to put the fee rails for the subsequent billion customers.

“This US$40 million funding spherical marks a pivotal second for NALA. It should allow us to transcend remittances and prolong our attain past Africa, constructing a sturdy funds ecosystem. We’re reinvesting this cash to reinforce our infrastructure, guaranteeing dependable, low-cost funds for all. With the launch of our personal fee rails and the growth of our B2B platform Rafiki, we’re not simply speaking about change – we’re constructing it. We’ve acquired some daring, formidable plans, give us a few years,” mentioned Benjamin Fernandes, founder and CEO of NALA.

That is NALA’s second spherical of fundraising in 20 months, having raised $10m via Accel, Amplo, and Bessemer Companions in 2022.