Tanzanian FinTech firm Nala has raised $10m from a seed fundraising round headed by investor Amplo.
Also taking part in the round were Accel, Bessemer Partners and DFS Lab. A number of angel investors took part including Monzo CTO and co-founder Jonas Templestein, Robinhood co-founder and CEO Vladimir Tenev and more.
Nala provides a personal finance app to users across Tanzania and to make its services more widely available, it is trying to address barriers people have from access financial services.
The company recently started testing international money transfers after some users expressed interest in moving money from the UK to East African regions such as Uganda, Tanzania and Kenya – therefore leading Nala into the remittance industry.
Nala added that over the past six months, it has seen more than 8,000 customers move over eight figures in transaction volume to Africa. The company is planning to build out infrastructure to enable money transfers from Africa to the US and the UK.
According to Nala, the investment will allow it to hire more talent and foster growth efforts in the UK, US and Europe, build payment rails in Africa and expand to new geographies.
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