Tanzanian
fintech startup Nala has raised a substantial $40 million in its Series A
funding round, led by Acrew Capital with participation from DST Global,
Norrsken22, and prominent angel investors Ryan King and Vlad Tenev. The
oversubscribed round is a testament to investor confidence in Nala’s potential
to reshape the African financial landscape.
Initially
focused on affordable money transfers within Tanzania, Nala has rapidly
expanded its reach to become a leading player in the broader fintech sector.
The company’s consumer app has gained significant traction, enabling users to
seamlessly send money across 249 banks and 26 mobile money services in 11
African countries. A standout feature is its integration with Kenya's M-Pesa,
allowing users to conveniently pay local bills directly through their mobile
wallets.
Recognizing
the untapped potential in the B2B payments space, Nala launched Rafiki in March
2024. This platform directly integrates with banks and mobile money providers
to streamline cross-border payments, addressing a critical pain point for
businesses operating in Africa. By enhancing service reliability and
facilitating efficient trade, Rafiki positions Nala as a key player in the
continent's growing economy.
The
newly acquired funds will undoubtedly fuel Nala’s expansion plans and product
development efforts. With a strong foundation and a clear vision, the company
is poised to become a dominant force in the African fintech ecosystem.
By: Nana Appiah Acquaye
