New Investments
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.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Nigerian health-tech startup Clafiya raises $610,000 to reimagine healthcare service delivery in Africa
The funding round attracted participation from Norrsken Accelerator, Acquired Wisdom Fund (AWF), Hustle Fund, Voltron Capital, Microtraction, Ajim Capital, HoaQ, Bold Angel Fund, Shivdasani Family and other angel investors.
African Cooling Tech Pioneer Inspira Cooling Secures $1 Million Investment From CEI Africa to Combat Food Loss
InspiraFarms Cooling, a leading provider of sustainable cooling solutions for Africa’s fresh produce industry, has secured a €1 million investment from the Foundation for Clean Energy and Energy Inclusion for Africa (CEI Africa).
Alterra Capital Partners Invests in ARP Africa Travel Group to Boost Regional Expansion
Alterra Capital Partners has announced an investment in ARP Africa Travel Group, collaborating with the founding family to drive the company’s expansion across East Africa and beyond.
