NALA raises $40m to build cross-border payments for emerging markets
The funding round was led by Lauren Kolodny of Acrew Capital.
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NALA, a Tanzanian fintech company, has raised $40 million in Series A funding to support its global expansion and enhance the reliability of payments to Africa by developing its payment rails.
The $40 million funding round was led by Lauren Kolodny of Acrew Capital. Other investors include DST Global, Amplo, Norrsken22 and HOF Capital, to name a few.
In the past 12 months, NALA achieved a 10x increase in revenue, reached profitability, and had positive cash flow.
This is NALA’s second round of fundraising in 20 months, having raised $10 million through Accel, Amplo, and Bessemer Partners in 2022.
"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," said Benjamin Fernandes, founder and CEO of NALA.
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