East Africa: Fintech company raises $10m

Tanzanian fintech company NALA has raised $10 million funding from Amplo, Accel and Bessemer Partners with additional participation from several angel investors.

Founded by Tanzanian, Benjamin Fernandes, NALA is a money transfer app that enables users to make secure and reliable payments from the UK to Kenya, Uganda, Tanzania, Ghana and Rwanda.

Benjamin Fernandes, CEO of NALA commented, “Payments in Africa are 1% build. It’s 2022 and Africa’s still the most expensive place in the world to send money in and out of, until this changes we are limited by the opportunities of trade across the continent. Over the next five years, while logistics gets better, more places around the world are going to trade in and out of Africa, we are positioning ourselves to be at the forefront of this change.”

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