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...
Solar Startup Koolboks Raises $11 Million in Series A to Power Africa’s Cooling Revolution
Koolboks, a cleantech venture operating in Nigeria and France, has secured $ 11 million in Series A financing to expand its cooling-as-a-service model across Africa and establish its inaugural assembly facility in Nigeria.
Egyptian Fintech Lucky ONE Secures $3 Million to Expand Credit Platform and Regional Footprint
Lucky ONE, an Egyptian fintech specializing in consumer credit, has successfully raised $3 million in a convertible bond funding round.
Trade and Development Bank Secures $100 Million From BII to Support African Businesses
The Trade and Development Bank (TDB), a key financial institution focused on African development, has secured a $100 million financing package from the British International Investment (BII), the UK’s development finance arm.