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...
Mawingu Gets $20 Million Funding from PRIF II to Boost Rural Internet Expansion in Africa
Mawingu, a telecommunications firm specializing in delivering internet connectivity across rural and peri-urban East Africa, has secured a US$20 million investment from the Pembani Remgro Infrastructure Fund II (PRIF II).
Development Partners International Invests $50 Million to Support Kazyon’s Expansion Across MENA
Development Partners International (DPI), the London-based private equity firm, has committed an additional $50 million in follow-on funding to support Kazyon, the fast-growing Egyptian discount retail chain, as it scales operations across the Middle East and North Africa.
Nigerian Fintech Moniepoint Becomes Africa’s 8th Unicorn After Securing $110 Million Series C Funding
British private equity firm Development Partners International (DPI) has led a $110 million investment in Nigerian fintech Moniepoint, elevating the company to unicorn status.