African Remittance App Nala Raises $40 Million to Go Global

African Remittance App Nala Raises $40 Million to Go Global
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Money transfer fintech Nala has secured $40 million in Series A funding to drive its global expansion and enhance payment reliability to Africa by establishing its own payment rails.

The funding round was led by Lauren Kolodny of Acrew Capital, with participation from DST Global, Amplo, and previous investors. Notable fintech founders, including Ryan King of Chime, Vlad Tenev of Robinhood, and the founder of Klarna, also supported the raise.

This capital infusion follows a transformative year for Nala, which achieved profitability after a tenfold increase in revenue and a 34-fold rise in transaction value. The company has grown its customer base to 500,000 and expanded its team from seven to over 100 members.

Nala’s consumer money transfer app enables secure and reliable payments from Europe, the UK, and the US to 11 African countries in seconds. The firm is also developing a B2B platform to facilitate fast payments to individuals and businesses across the African continent, aiming to emulate the success of dLocal in Latin America and Airwallex in Asia.

This marks NALA’s second fundraising round in 20 months, following a $10 million raise from Accel, Amplo, and Bessemer Partners in 2022.

Benjamin Fernandes, founder and CEO of NALA, stated, “This $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.”

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