Nala, a remittance startup that is expanding its services with a new B2B payments platform, has secured $40 million in equity funding in a significant Series A transaction in Africa.
The oversubscribed round was led by Acrew Capital based in San Francisco, with contributions from DST Global, Norrsken22, HOF Capital, Amplo, and angel investors like Ryan King of Chime and Vlad Tenev of Robinhood.
The new investment will support Nala’s global expansion plans, focusing on serving markets in Asia and Latin America in addition to its current operations in Europe, the UK, and the US, offering remittance services across 11 African markets.
Founder and CEO Benjamin Fernandes shared that user demand for more control over their finances led Nala to introduce payment capabilities, a feature that will be extended to new markets starting with Asia.
Nala has also introduced a B2B payments platform, Rafiki, to cater to global businesses navigating payments in and out of Africa, with plans to enhance its infrastructure and expand its services beyond remittances.
The platform has already gained traction with clients like TransferGo, which uses Rafiki for payouts in Africa, and aims to facilitate cross-border payments for financial institutions and services.
The World Bank forecasts continued growth in remittance flows to regions like Africa, Asia, and Latin America, creating opportunities for companies like Nala to provide reliable, low-cost remittance services.
Nala’s mission is to reduce the cost of sending money across borders, making digital remittances more accessible and affordable for users, aligning with the global trend towards digital financial services.
With deep expertise in fintech and a strong community focus, Nala aims to lead the next generation of remittance services, catering to the evolving needs of the African market and beyond.
