London-based fintech company NALA has secured €37 million ($40 million) in a Series A funding round led by Lauren Kolodny of Acrew Capital, with participation from DST Global and Amplo, represented by Sheel Tyle.
Notable new investors include Norrsken22, HOF Capital, and fintech founders like Ryan King (Chime), Vlad Tenev (Robinhood), and the founder of Klarna. This funding round comes 20 months after NALA raised €9.2 million ($10 million) from Accel, Amplo, and Bessemer Partners in 2022.
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Expanding Payment Solutions for a Global Audience
NALA plans to use the new capital to support its global expansion and improve the reliability of payments to Africa by developing its payment infrastructure. Founder and CEO Benjamin Fernandes emphasized the significance of the investment: “This €37 million funding round is pivotal for NALA. It enables us to go beyond remittances and build a robust payments ecosystem extending beyond Africa. We are reinvesting this money to enhance our infrastructure, ensuring reliable, low-cost payments for all. With the launch of our own payment rails and the expansion of our B2B platform Rafiki, we are building tangible change.”
Impressive Growth and Market Impact
NALA, a consumer money transfer app, allows users to make secure payments from Europe, the UK, and the US to 11 African countries within seconds. Over the past 12 months, NALA has achieved a tenfold increase in revenue, reached profitability, and maintained positive cash flow. The company’s transaction volume increased thirty-fourfold within 20 months, and its team has grown from 7 members to over 100, now serving 500,000 customers.
NALA’s mission is to build payment solutions for the Next Billion, improving financial transactions into Africa. The company’s B2B platform, Rafiki, enables global payments for individuals and businesses across Africa, similar to dLocal but tailored for the African market.
With this substantial investment, the UK-based company is set to enhance its payment services and expand its reach, driving innovation in the financial technology sector across Africa and beyond.
