Tanzanian fintech startup NALA has secured a significant $40 million in a Series A funding round, exceeding investor expectations. The round was led by San Francisco-based venture capital firm Acrew Capital, with participation from prominent players in the investment world, including DST Global, Norrsken22, and notable angel investors Ryan King (co-founder of Chime) and Vlad Tenev (co-founder of Robinhood). This strong showing from established investors reflects their belief in NALA’s vision and its potential to become a major force in the African fintech landscape.
NALA’s journey began by offering affordable and convenient money transfers within Tanzania. Since then, the company has strategically expanded its reach, becoming a key player in the crucial area of remittance services across Africa. Through its user-friendly consumer app, NALA empowers individuals to send money seamlessly across 249 banks and 26 mobile money services operating in 11 African markets.
A noteworthy integration with Kenya’s M-Pesa platform allows users to not only send money but also pay local bills directly into mobile wallets. This innovative approach leverages existing mobile money infrastructure, enhancing convenience and efficiency for both senders and receivers.
Read also: The Big Deal: H1 Africa Tech Funding Report.
Demonstrating their commitment to continuous innovation, NALA took a bold step in March 2024 by launching Rafiki, a B2B payments platform. Rafiki integrates directly with banks and mobile money providers, specifically addressing persistent challenges faced in the remittance industry.
This strategic move not only strengthens NALA’s core service reliability but also empowers global businesses to streamline their operations across Africa by facilitating smooth cross-border payments. The introduction of Rafiki underscores NALA’s dedication to continuous innovation and its broader mission of promoting financial inclusion and fostering greater connectivity across the African continent.
