Introduction


Nala, a Tanzanian fintech startup, is transforming the landscape of money transfers for Africans living abroad while enabling multinational companies to streamline cross-border payments. Founded by Benjamin Fernandes in 2018, Nala has rapidly expanded its reach and impact, becoming a critical player in the global remittance market.

From Local to Global: Nala’s Journey


Nala began as a local payment service but has since evolved into a multinational cross-border remittance platform, reflecting its deep understanding of customer needs and market dynamics. The company's growth is a testament to its commitment to innovation and adaptability, allowing it to overcome challenges such as infrastructure setbacks, co-founder departures, and the global COVID-19 pandemic.

Serving the African Diaspora


Currently, Nala supports over 500,000 users, primarily African workers in the U.S. and Europe, by facilitating money transfers to eleven African countries. The startup’s partnerships with local services, including M-Pesa, empower users to pay domestic bills directly from their overseas accounts. Additionally, Nala collaborates with other mobile money services like Airtel Money in West Africa, further simplifying the remittance process for its users.

Impact on Diaspora Payments


Nala’s mission is centered on supporting the growing number of Africans seeking employment opportunities overseas. With Africa’s population projected to reach 2.5 billion by 2050, the potential market for Nala’s services is enormous. The platform is positioned to drive economic growth, enhance user engagement, and expand its footprint in the coming years.

Financial Milestones and Future Expansion


In July, Nala secured $40 million in a Series A funding round, pushing its estimated valuation to over $200 million. The funding, led by investors like Acrew Capital, Amplo, and DST Global, will fuel Nala’s expansion plans, including entry into South Asia and Latin America. The company also plans to use the fresh capital to acquire more licenses and grow Rafiki, its cross-border payment platform designed specifically for international businesses.