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Tanzanian Fintech NALA Secures $40 Million in Series A Funding to Expand Services

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Tanzanian fintech startup NALA has secured $40 million in a Series A funding round, one of the largest of its kind in Africa according to TechCrunch.

The funding will be used to fuel NALA’s growth plans, including the expansion of its B2B payments platform Rafiki launched earlier this year.

The round was led by San Francisco-based venture capital firm Acrew Capital, with participation from DST Global, Norrsken22, and HOF Capital.
 
Existing investors Amplo and NYCA Partners also joined the round, alongside angel investors including prominent fintech founders Ryan King of Chime and Vlad Tenev of Robinhood.

NALA started in 2017 focusing on local money transfers in Tanzania before expanding to international remittances in 2021.
 
Their consumer app currently allows users in the EU, US, and UK to send money to 249 banks and 26 mobile money services across 11 African countries. Integrations like M-Pesa in Kenya allow users to pay bills directly into local mobile wallets.

The company’s decision to add B2B payments stems from customer demand for greater financial control. Rafiki, launched in March 2024, aims to serve global businesses looking to make payments into and out of Africa.

“This investment is a pivotal moment for NALA,” said NALA founder and CEO Benjamin Fernandes.
 
“It will allow us to move beyond remittances, expand our reach beyond Africa, and build a robust payments ecosystem. We’re reinvesting this capital to improve our infrastructure and ensure reliable, low-cost payments for everyone.”

NALA claims to be already profitable, with its consumer business generating over 90% of current revenue and boasting a customer base on track to exceed 500,000.

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