Fintech
UK fintech NALA raises €37m from Norrsken22, DST Global and others
NALA based in London, a financial technology The company announced on Tuesday that it has raised $40 million (about €37 million) in Series A funding led by Lauren Kolodny of Acrew Capital, with participation from DST Global and Amplo, represented by Sheel Tyle.
Most of the previous investors increased their stakes by making super pro-rata investments in this round.
New investors include Norrsken22, HOF Capital, and leading fintech founders such as Ryan King, co-founder of Chime, Vlad Tenev, co-founder of Robinhood, and founder of Klarna.
The UK-based company will use the funds to support its global expansion and improve the reliability of payments to Africa by developing its payment systems.
Benjamin Fernandes, Founder 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 extend our reach beyond Africa by building a robust payments ecosystem. We are reinvesting this money into improving our infrastructure, ensuring reliable and low-cost payments for all. With the launch of our payments systems and the expansion of our B2B platform Rafiki, we are not just talking about change, we are building it. We have some bold and ambitious plans, give us a couple of years.”
The announcement comes 20 months after raising $10 million (approximately €9.2 million) through Accel, Amplo and Bessemer Partners in 2022.
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NALA: Consumer Money Transfer App
Founded by Benjamin Fernandes, NALA Money transfer app that allows users to make safe and reliable payments from Europe, UK and US to 11 African countries in seconds.
The company’s mission is to create payment systems for the next billion people, laying the foundation for better payments on the African continent.
By developing community-based financial solutions, the London-based company is making it easier to manage everyday payments and conduct business in an increasingly global Africa.
Rafiki – B2B platform that enables payments to individuals and businesses worldwide on the African continent. Similar to dLocal but for Africa.
Over the past 12 months, the company has increased revenue tenfold, become profitable, and achieved positive cash flow.
Over the past 20 months, NALA has seen a thirty-four-fold increase in transaction volume.
The NALA team has grown from just 7 members to a robust team of over 100. Today, NALA serves 500,000 customers.