Fintech money transfer Nala has increased 40 million dollars in Series A funding to support its global expansion and strengthen the reliability of payments to Africa by defining its own payment rails.
Details
The $40 million funding round was led by Lauren Kolodny of Acrew Capital, with participation from DST Global, Amplo and previous investors.
The raise was also backed by several notable fintech founders, including Ryan King, co-founder of Chime; Vlad Tenevthe co-founder of Robinhood and the founder of Klarna.
By The Numbers
The fresh cash injection comes after a transformative year for Nala, which reached profitability after a 10x increase in revenue and a 34x rise in transaction value.
With 500,000 customers on boardthe Nala team has grown from just seven members to over 100 staff.
About Nala
Nala’s consumer money transfer app allows users to make secure and reliable payments from Europe, the UK and the US to 11 African countries in seconds.
The company is also building its own B2B platform for fast payments to individuals and businesses worldwide on the African continent, hoping to emulate the success of dLocal in Latin America and Airwallex in Asia.
What they say
Benjamin Fernandezfounder and CEO of NALA, says:This $40 million funding round marks a pivotal moment for NALA. It will enable us to go beyond remittances and expand our reach beyond Africa by creating a robust payments ecosystem. We reinvest this money to improve our infrastructure, ensuring reliable, low-cost payments for everyone.
With the launch of our own payment rails and the expansion of the Rafiki B2B platform, we’re not just talking about change, we’re building it. We have some bold, ambitious plans, give us a few years.”
Source: FinExtra
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