Tanzanian payment company Nala has secured $40 million in Series A funding, which it plans to use for global expansion and to strengthen its payment systems across Africa. Based in Kenya, Nala is a fintech startup enabling money transfers from the UK, US and EU to Kenya, Uganda, Tanzania, Rwanda and Ghana.
This new funding follows a $10 million funding round in 2022 and will further improve the reliability of its African payment systems by establishing its own payment infrastructure, the company said.
Nala’s investment round has attracted funding from global firms such as San Francisco-based Acrew Capital, DST Global, Amplo and other angel investors.
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“This funding allows us to go beyond remittances and expand beyond Africa, creating a complete payments ecosystem. We are reinvesting to improve our infrastructure, ensuring affordable and reliable payments for all,” Fernandes said. “With our own payment rails and the growth of our B2B platform Rafiki, we don’t just talk about change: we build it. We have some bold and ambitious plans, so stay tuned for the next two years.
Nala’s growth trajectory in recent years has been remarkable. Fernandes explained that the Series A funding followed a tenfold increase in revenue over the past year.
“For the first time, we are profitable and our cash flow is positive. Our trading volume has increased 34 times in the last 20 months,” he said.
The company has grown from a seven-member team to nearly 100 employees, now serving nearly 500,000 customers worldwide.
In March 2023, Nala determined to invest $1 million in Tanzania will create jobs and drive product innovation after receiving a Payment Service Provider (PSP) operating license.