Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


Tanzanian fintech Nala secures $40M Series A funding

Article Image
Tanzanian payments company Nala has raised US$40 million in Series A funding to be used for its global expansion plans and enhancing its payment systems on the continent.

Headquartered in Kenya, Nala is a fintech startup that allows its users to transfer money from the UK, US, and EU to Kenya, Uganda, Tanzania, Rwanda and Ghana.

The new capital injection follows a $10 million seed round in 2022 and will enhance the reliability of its payments systems to Africa by laying down its payment rails, it said.

Nala received funding from several global investment firms such as San Francisco-based VC firm Acrew Capital, DST Global and Amplo, as well as other angel investors.

In a post on X, Nala Founder and CEO Benjamin Fernandes said the new funding will accelerate the company's global ambitions by focusing on expanding its Nala Money App and building its business-to-business (B2B) payment platform Rafiki API.

"It will enable us to go beyond remittances and extend our reach beyond Africa, building a robust payments ecosystem. We're reinvesting this money to enhance our infrastructure, ensuring reliable, low-cost payments for all," Fernandes said.

Nala Founder and CEO Benjamin Fernandes.  (Source: Nala)
Nala Founder and CEO Benjamin Fernandes.
(Source: Nala)

"With the launch of our own payment rails and the expansion of our B2B platform Rafiki, we're not just talking about change – we're building it. We've got some bold, ambitious plans, give us a couple of years," he continued.

Nala's growth in recent years

Fernandes said that the Series A funding came after the company's revenue increased tenfold in the past 12 months.

"For the first time, we became profitable and cash flow positive. Over the past 20 months, our transaction volume has increased 34 times," he explained.

Want to know more? Sign up to get the weekly Connecting Africa newsletter direct to your inbox.

Furthermore, the company has grown from just seven members to nearly 100 staff serving nearly 500,000 customers worldwide.

In March 2023, the company pledged US$1 million investment to create new jobs in Tanzania as well as to support product innovation, after it was granted a Payment Service Provider (PSP) license to operate.

Related posts:

*Top image is of Nala staff at its Kenyan offices. (Source: Nala.)

Matshepo Sehloho, Associate Editor, Connecting Africa

Innovation hub


Vodacom Tanzania unveils Digital Accelerator Program winners

Mobile operator Vodacom Tanzania has announced the season three winners of its Digital Accelerator Program.


AI's potential in African agriculture, energy and climate action GSMA

A new GSMA report examines the huge potential for artificial intelligence to support Africa's socio-economic growth in areas including agriculture, energy and climate action.

More Innovation hub

Latest video

More videos

Guest Perspectives


Leadership Lessons: Networking towards career advancement

By Nollie Maoto

Nollie Maoto, First Rand Group's compliance chief data and analytics officer and Africa Tech Festival Leadership Council member, reflects on the importance of networking for career growth especially for African women in data analytics.


Leadership Lessons: The importance of mentorship for career growth

By Nollie Maoto

Nollie Maoto, First Rand Group's compliance chief data and analytics officer and Africa Tech Festival Leadership Council member, reflects on the importance of mentorship for career growth for African women in data analytics.

More Guest Perspectives

Sponsored video

More videos

Industry announcements

More Industry announcements

Upcoming events

Cyber Revolution Summit
August 9, 2024
Gaborone, Botswana
Africa Tech Festival 2024
November 12-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives


Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Partner perspectives

All Partner Perspectives

Follow us on X

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id test-002