African remittance app Nala raises $40m to expand global reach
TLDR
- Nala, a money transfer fintech, secures $40 million in Series A funding for global expansion and enhancing payment reliability to Africa.
- Nala's consumer app facilitates secure and quick payments from Europe, the UK, and the US to 11 African countries.
- The funding, led by Lauren Kolodny of Acrew Capital, attracts support from DST Global, Amplo, and fintech founders like Ryan King and Vlad Tenev.
Tanzania-born money transfer fintech Nala has raised $40 million in Series A funding to support its global expansion and enhance the reliability of payments to Africa by establishing its payment rails. Nala's consumer money transfer app enables users to make secure and reliable payments from Europe, the UK, and the US to 11 African countries in seconds.
The firm is also building its own B2B platform for fast payments to individuals and businesses globally on the African continent, hoping to emulate the success of dLocal in Latin America and Airwallex in Asia.
The funding round was led by Lauren Kolodny of Acrew Capital, with participation from DST Global, Amplo, and previous investors. In addition, the raise received backing from notable fintech founders, including Ryan King, co-founder of Chime, Vlad Tenev, co-founder of Robinhood, and the founder of Klarna.
Points clés à retenir
Africans in the diaspora often send money back home to support loved ones. But traditional remittance options can be a total drag—slow, expensive, and lacking transparency. This has opened the door for many African fintechs to stake their claim in the remittance market, and Kuda is one of the fintechs joining this space, as we write here. This is Nala’s second round of fundraising in 20 months, following a $10 million raise in 2022 through Accel, Amplo, and Bessemer Partners. This new cash injection comes after a transformative year for Nala, during which it reached profitability following a 10x increase in revenue and a 34x rise in transaction value. The company now serves 500,000 customers, and the Nala team has expanded from just seven members to over 100 staff.
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