NALA is an African payments company and money transfer app that allows users to make secure and reliable payments from Europe, the UK, and the US to Tanzania, Kenya, Rwanda, Uganda, and Ghana in seconds. Last year, NALA expanded into the European Union (EU), adding 19 new countries to its list of send countries and furthering its mission to connect Africans globally.
Over the past year, NALA has experienced a 10x increase in revenue, achieved profitability, and maintained positive cash flow. In the last 20 months, the company has seen a 34x increase in transaction volume. NALA is now planning further growth and international expansion after raising US$40 million in Series A funding. This round was led by Acrew Capital, with participation from DST Global Partners, Amplo, Norrsken22, HOF Capital, and angels such as Ryan King and Vlad Tenev.
The new funding will support NALA’s consumer business as it expands beyond Africa, developing services for the global migrant diaspora. It will also help build Rafiki, NALA’s new B2B payments platform, which aims to create payment rails for the next billion users.
“This US$40 million funding round marks a pivotal moment for NALA. It will enable us to go beyond remittances and extend our reach beyond Africa, building a robust payments ecosystem. We’re reinvesting this money to enhance our infrastructure, ensuring reliable, low-cost payments for all. With the launch of our own payment rails and the expansion of our B2B platform Rafiki, we’re not just talking about change – we’re building it. We’ve got some bold, ambitious plans, give us a couple of years,” said Benjamin Fernandes, founder and CEO of NALA.
This is NALA’s second round of fundraising in 20 months, following a $10 million raise through Accel, Amplo, and Bessemer Partners in 2022.
