Tanzanian Fintech Nala Raises $40 Million to Build Payment Infrastructure Across Africa
Tanzanian fintech company Nala has secured $40 million in Series A funding, which it plans to use for global expansion and to strengthen its payment systems across Africa. Based in Kenya, Nala facilitates money transfers from the UK, US, and EU to several African countries, including Kenya, Uganda, Tanzania, Rwanda, and Ghana. This latest investment
Tanzanian Fintech Nala Raises $40 Million to Build Payment Infrastructure Across Africa
Tanzanian fintech company Nala has secured $40 million in Series A funding, which it plans to use for global expansion and to strengthen its payment systems across Africa. Based in Kenya, Nala facilitates money transfers from the UK, US, and EU to several African countries, including Kenya, Uganda, Tanzania, Rwanda, and Ghana.
This latest investment follows a $10 million seed round in 2022 and will be used to enhance the reliability of Nala’s African payment systems by establishing its own infrastructure, according to the company.
The funding round attracted global investors, including San Francisco-based Acrew Capital, DST Global, Amplo, and several angel investors.
In a post on X, Nala’s Founder and CEO, Benjamin Fernandes, shared that the new capital will fast-track the company’s global expansion, focusing on its Nala Money App and its business-to-business (B2B) payment platform, Rafiki API.
“This funding allows us to go beyond remittances and scale beyond Africa, building a comprehensive payments ecosystem,” Fernandes said. “We’re reinvesting to enhance our infrastructure, ensuring affordable, reliable payments for everyone. With our own payment rails and the growth of our B2B platform, Rafiki, we’re not just talking about change—we’re building it. We have bold, ambitious plans, so stay tuned for the next couple of years.”
Nala’s growth has been remarkable in recent years. Fernandes revealed that the Series A funding came after the company saw a tenfold revenue increase over the past year.
“For the first time, we are profitable and cash flow positive. Our transaction volume has surged 34 times over the last 20 months,” he added.
The company has also significantly expanded its team, growing from just seven members to nearly 100 employees, and now serves almost 500,000 customers globally.
In March 2023, Nala committed to investing $1 million in Tanzania to create jobs and drive product innovation, after receiving a Payment Service Provider (PSP) license to operate in the country.
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