Nala bags $40m Series A to scale remittance services

Nala Secures $40 Million Series A Funding: Key Points

1. Funding Details:
   • UK-based remittance fintech Nala raised $40 million in a Series A funding round.
   • The round was led by Acrew Capital with participation from existing backers Amplo and NYCA Partners.
   • Additional support came from DST Global, HOF Capital, and Norrsken22.
   • Angel investors included Vlad Tenev of Robinhood and Ryan King of Chime.
2. Purpose of Funds:
   • To scale Nala’s consumer business beyond Africa, targeting the global migrant diaspora.
   • To build and expand its B2B payments platform, Rafiki.
3. Expansion Plans:
   • Nala plans to start its international market expansion in Asia.
4. Rafiki Platform:
   • Rafiki aims to become a robust payment infrastructure for Africa.
   • It focuses on ensuring reliability, managing treasury, improving error mapping, reducing user costs, and streamlining payouts and collections.
5. Company Background:
   • Founded in 2017, Nala initially operated as a local money transfer service in Tanzania.
   • In 2021, it shifted focus to facilitate foreign remittances.
   • Nala aims to address Africa’s high cost of sending money.
6. Recent Performance:
   • Nala reported a 10-fold increase in revenue over the past year.
   • The start-up achieved positive cash flow and reached profitability.