Nala Funding News – Nala Raises $40M in Series A Funding

Read also - Trustap funding news- Marketplace Transaction Platform Trustap Secures €5.08 Million in Funding

The new funding will accelerate our global ambitions building two things: Expanding NALA’s consumer business beyond Africa to build services for the global migrant diaspora. Building Rafiki, our B2B payments platform designed to lay the payment rails for the next billion users, ensuring reliability, managing treasury directly, improving error mapping, reducing user costs, and streamlining payouts and collections.

Read also - FlamAid funding news – Barcelona-based FlamAid Secures €250k in First Funding

Similar to how dLocal revolutionized payments in Latin America and AirWallex transformed the Asian market, Rafiki is set to build a robust payment infrastructure for Africa.

Benjamin Fernandes, Founder & CEO of NALA, says, “This $40M funding round marks a pivotal moment for NALA. 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. 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.”

NALA was founded by Benjamin Fernandes, CEO, who holds an MBA from Stanford University and had formerly worked on the creation of mobile money services for TV subscriptions in East Africa. These milestones reflect its commitment and the trust customers have placed in us. These challenges are a reality for every payment company operating on the African continent and will persist for decades to come.

About Nala

The NALA team spans 18 countries, with hubs in key locations such as London, Nairobi and Dakar. NALA foster a unique blend of local market expertise and global experience, as well as the drive to build for real impact.