NALA's $40 Million Funding Boost to Transform Payments in Africa and Beyond
July 13, 2024, 3:43 am
NALA, a pioneering UK fintech company, has recently secured a substantial $40 million in Series A funding to propel its global expansion efforts and revolutionize the reliability of payments in Africa. This significant funding injection marks a pivotal moment for NALA, enabling the company to further develop its payment rails and enhance its infrastructure to ensure secure, low-cost payments for all users.
With a steadfast mission to cater to the Next Billion, NALA is dedicated to laying the groundwork for improved payments into the African continent. By leveraging community-powered financial solutions, NALA aims to streamline day-to-day transactions and facilitate seamless business operations in an increasingly interconnected Africa.
The cornerstone of NALA's offerings lies in its consumer money transfer app, which empowers users to make swift and secure payments from key regions such as Europe, the UK, and the US to 11 African countries in a matter of seconds. Additionally, NALA's innovative B2B platform, Rafiki, facilitates lightning-fast payments to individuals and businesses across the African continent, further solidifying the company's position as a trailblazer in the fintech industry.
Over the past 12 months, NALA has witnessed an impressive tenfold increase in revenue, achieving profitability and positive cash flow in the process. Moreover, the company has experienced a remarkable 34-fold surge in transaction volume within the last 20 months, underscoring its rapid growth and expanding reach. From a modest team of seven members, NALA has burgeoned into a robust workforce of over 100 professionals, serving a loyal customer base of 500,000 individuals.
The recent $40 million funding round was spearheaded by Lauren Kolodny of Acrew Capital, with participation from esteemed investors such as DST Global, Amplo, Norrsken22, HOF Capital, and notable fintech founders including Ryan King, Vlad Tenev, and the founder of Klarna. This substantial financial backing will play a pivotal role in accelerating NALA's global ambitions, with a primary focus on expanding its consumer business beyond Africa and developing tailored services for the global migrant diaspora.
Benjamin Fernandes, the visionary founder and CEO of NALA, expressed his enthusiasm for the company's future trajectory, stating, "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."
In conclusion, NALA's recent funding milestone signifies a significant step towards reshaping the landscape of payments in Africa and beyond. With a dedicated team, innovative solutions, and a clear vision for the future, NALA is poised to make a lasting impact on the global fintech industry and pave the way for a more inclusive and efficient financial ecosystem.
With a steadfast mission to cater to the Next Billion, NALA is dedicated to laying the groundwork for improved payments into the African continent. By leveraging community-powered financial solutions, NALA aims to streamline day-to-day transactions and facilitate seamless business operations in an increasingly interconnected Africa.
The cornerstone of NALA's offerings lies in its consumer money transfer app, which empowers users to make swift and secure payments from key regions such as Europe, the UK, and the US to 11 African countries in a matter of seconds. Additionally, NALA's innovative B2B platform, Rafiki, facilitates lightning-fast payments to individuals and businesses across the African continent, further solidifying the company's position as a trailblazer in the fintech industry.
Over the past 12 months, NALA has witnessed an impressive tenfold increase in revenue, achieving profitability and positive cash flow in the process. Moreover, the company has experienced a remarkable 34-fold surge in transaction volume within the last 20 months, underscoring its rapid growth and expanding reach. From a modest team of seven members, NALA has burgeoned into a robust workforce of over 100 professionals, serving a loyal customer base of 500,000 individuals.
The recent $40 million funding round was spearheaded by Lauren Kolodny of Acrew Capital, with participation from esteemed investors such as DST Global, Amplo, Norrsken22, HOF Capital, and notable fintech founders including Ryan King, Vlad Tenev, and the founder of Klarna. This substantial financial backing will play a pivotal role in accelerating NALA's global ambitions, with a primary focus on expanding its consumer business beyond Africa and developing tailored services for the global migrant diaspora.
Benjamin Fernandes, the visionary founder and CEO of NALA, expressed his enthusiasm for the company's future trajectory, stating, "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."
In conclusion, NALA's recent funding milestone signifies a significant step towards reshaping the landscape of payments in Africa and beyond. With a dedicated team, innovative solutions, and a clear vision for the future, NALA is poised to make a lasting impact on the global fintech industry and pave the way for a more inclusive and efficient financial ecosystem.