TLDR:
Kenya-based remittance services provider, Nala, has secured $40m in a Series A funding round led by Acrew Capital. The funding will be used to expand its consumer business beyond Africa and develop its business-to-business (B2B) payments platform, Rafiki. Nala aims to revolutionize payments for the next billion users with this new capital.
Article Summary:
African payments company Nala recently raised $40m in a Series A funding round led by American venture capital firm Acrew Capital. The financing round also saw the participation of HOF Capital, DST Global, and Norrsken22, along with existing investors Amplo and NYCA Partners, as well as angel investors like Chime co-founder Ryan King and Robinhood CEO Vlad Tenev. The funding will be used to expand Nala’s consumer business beyond Africa and accelerate the development of its business-to-business payments platform, Rafiki.
Nala aims to cater to the global migrant diaspora with the new capital and build services for the next billion users. Rafiki, the company’s B2B payments platform, is designed to establish payment infrastructure by enhancing error mapping, lowering user costs, and optimizing payouts and collections. This platform is crucial for Nala’s consumer fintech app and overall business strategy.
Nala founder and CEO, Benjamin Fernandes, expressed gratitude for the investors’ trust in the company’s vision and suggested that the funding marks a new chapter in Nala’s journey. The company currently serves approximately 500,000 customers globally, with a significant increase in transaction volume over the past 20 months. Nala previously raised $10m in a seed round in 2022, indicating significant growth and investor confidence in the company’s future prospects.
