Tanzanian fintech startup NALA has made a significant impact by securing $40 million in a Series A funding round, surpassing investor expectations. This round was spearheaded by Acrew Capital, a venture capital firm based in San Francisco, and saw participation from notable investors such as DST Global, Norrsken22, and angel investors Ryan King of Chime and Vlad Tenev of Robinhood. The impressive lineup of investors underscores their confidence in NALA's vision and its potential to emerge as a leading player in the African fintech scene. This funding is a testament to NALA's growth trajectory and the increasing global interest in Africa's fintech innovations.

NALA's origins lie in providing affordable and convenient money transfer services within Tanzania. Over time, the company has strategically broadened its scope to become a significant entity in the remittance services sector across Africa. NALA's consumer app facilitates seamless money transfers across 249 banks and 26 mobile money services in 11 African markets, enhancing financial accessibility for a vast number of users. A key feature of their service is the integration with Kenya's M-Pesa platform, which allows users not only to send money but also to pay local bills directly into mobile wallets. This functionality harnesses the existing mobile money infrastructure, making financial transactions more convenient and efficient for users across the continent.

In March 2024, NALA launched Rafiki, a B2B payments platform that integrates directly with banks and mobile money providers to address ongoing challenges in the remittance industry. Rafiki enhances the reliability of NALA's core services and enables global businesses to streamline their operations in Africa through efficient cross-border payments. This strategic initiative highlights NALA's commitment to continuous innovation and their broader mission to advance financial inclusion and connectivity across Africa. By addressing critical issues in the remittance sector and fostering easier cross-border financial transactions, NALA is playing a pivotal role in the continent's economic development and financial integration.