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Tanzanian Fintech NALA Secures $40 Million in Series A Funding to Expand Services
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 round was led by San Francisco-based venture capital firm Acrew Capital, with participation from DST Global, Norrsken22, and HOF Capital.
NALA started in 2017 focusing on local money transfers in Tanzania before expanding to international remittances in 2021.
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.
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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