NALA secures 40 million USD to drive global expansion and launch its own payment networks across Africa and beyond. The finTech specializes in international payments for emerging markets.
NALA aims to facilitate digital transactions
NALA, one of Africa’s largest finTech companies, has announced funding for several projects to support its global expansion. The goal is to enhance payment reliability in Africa through the development of its own digital solutions.
The past 12 months have been transformative for NALA. The startup increased its sales tenfold and achieved cash flow positivity. Over the last 20 months, NALA’s transaction volume grew by 34 times. The team expanded from 7 members to over 100, now serving 500,000 customers.
Lauren Kolodny of Acrew Capital, a Forbes Midas list honoree in 2023 and 2024, is the principal backer of the financing. DST Global and Amplo, represented by Sheel Tyle, also participated.
NALA raises 40 million USD to expand in emerging markets
The new financing accelerates NALA’s global ambitions, focusing on two specific areas:
- Expanding its activities to serve the global migrant diaspora
- The development of Rafiki, its new B2B payments platform.
« We’re investing this funding to enhance our infrastructure and ensure reliable, low-cost payments for everyone. With the launch of our own payment systems and the expansion of our Rafiki B2B platform, we’re not just talking about change; we’re building it. We have bold and ambitious plans, so give us a few years », says Benjamin Fernandes, founder and CEO of NALA.
Just as dLocal revolutionized payments in Latin America and AirWallex transformed the Asian market, Rafiki aims to build a robust payment infrastructure for Africa.
Nala Money : The ambition to be the leader in digital payments in Africa
NALA Money holds payment service provider licenses in several countries, including its founder’s home country, Tanzania. Africa’s domestic e-payments market is expected to grow by around 20 % annually, reaching approximately 40 billion USD by 2025.
The digital payments company launched its consumer money transfer product in 2021 with a team of seven people. NALA made a bold move, and the results have been significant. The company now has fewer than 80 employees, operates in 18 countries, and is expanding rapidly. The goal is clear: to make payments reliable in Africa.
Digital payments in Africa still account for just one percent of the total, according to NALA. Like other innovators, entrepreneurs, and investors, NALA is tackling this challenge with confidence, aiming to reshape Africa’s electronic payments sector. The company offers solutions for both consumers and businesses, driving progress in the region.
Growing African finTech market
The payments landscape in Africa is undergoing a major transformation, driven by rapid technological advances and a surge in financial technology innovation. With over 500 million mobile money accounts in the continent, Africa has become a global leader in mobile payment solutions.
This growth is fueled by the increasing penetration of smartphones and internet access, alongside a young, tech-savvy population. NALA’s success highlights the finTech sector’s development on the continent, attracting substantial investment and fostering competition.
New payment platforms and services are playing a crucial role in this evolution. Companies such as Flutterwave, Paystack, and M-Pesa are revolutionizing how Africans conduct transactions, enabling secure, instant money transfers within and across borders.
